15 Sep 2015

Large truck registrations fall; slower growth expected

8:14 am on 15 September 2015

Commercial vehicle registrations are easing, pointing to a slowing economy, and the falling New Zealand dollar making vehicles more expensive.

Latest official numbers analysed by Infometrics show a fall in medium and heavy truck sales in August from a year earlier. Light truck sales are still growing but at a slower rate.

The overall growth rate is at its slowest in around three years.

The New Zealand dollar is down about 20 percent since the start of the year and Infometrics says the weaker exchange rate is likely to dampen demand further, weighing on commercial vehicle sales growth in the months ahead.

But, lower sales or not, car auctioneers Turners has just bought a property in Christchurch for $2.5 million to accommodate its growing truck and machinery business. The company says its two existing sites have been constantly full, with trucks and machinery sales up more than 40 percent over the year earlier.