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BusinessDesk: Kiwis lured back to big-engine cars, Turners Auctions says
Rising petrol prices haven’t stopped New Zealanders purchasing larger-engine cars, according to the latest sales figures from Turners Auctions.
Sales of vehicles with engines over 2.0L rose 4 percent in the fourth quarter, making up 48 percent of total vehicles sold. The average price for larger cars increased 7 percent in 2011 to $11,185, the highest since 2008.
“People are becoming desensitised to the price of fuel these days,” said Graham Roberts, chief executive at Turners Actions. “It seems the slow increase in the price of petrol has allowed consumers to accept the price.”
“As long as prices remain steady we expect people to continue to buy large-engine cars but our statistics show that dramatic petrol price increases decrease the value and the number of large vehicles sold,” Roberts said.
Shares of Turners Auctions rose 1.4 percent to $1.48 on the NZX today.
In line with the increase in sales of larger vehicles, the Holden Commodore has overtaken the compact Toyota Corolla as the highest-selling vehicle. Four out of the five most popular models purchased remain large-engine cars, including the Ford Falcon, Subaru Legacy and Ford Mondeo.