A car that has been owned and driven by one or more people before being up for sale is referred to as a used car. These cars are typically sold by independent sellers, dealerships, or online markets. A secondhand car's condition can be greatly influenced by its age, mileage, maintenance history, and degree of care. Despite the fact that used cars are usually less expensive than new ones, there are still some risks associated with them, such as potential mechanical issues or outdated technology. However, many people still find used cars to be a cost-effective option, and with the correct research and inspections, they may still offer fair value and dependable performance.
New Zealand Used Car Market Driving Factors and Challenges
Drivers: Mini and tiny cars comprise the bulk of hatchbacks; they make up a significant portion of the market and are the second most popular segment in the nation after MPVs. Because hatchbacks are so prevalent in tier-1 and tier-2 cities, they were found to be the second most common car type in the nation. Since SUVs are the most popular car type, most buyers prefer used vehicles with higher mileage and an average age because they are a desirable and reasonably priced option. Auto dealers underline the importance of having integrated, user-friendly platforms to streamline the experience of buying a used car. The market for used cars is likely to grow as a result of these trends.
Challenges: The used car market in New Zealand is plagued by several problems that can impact both buyers and sellers. A major issue is the lack of high-quality used cars, especially since demand is sometimes greater than availability. New Zealand has a smaller market than other countries, thus it imports fewer cars, which could lead to higher prices and longer wait times for popular models. Moreover, many used automobiles have high mileage because New Zealanders like to keep their cars longer before getting new ones. Older cars' dependability and potential maintenance costs could become problems as a result.
Impact of COVID-19 on New Zealand Used Car Market
The COVID-19 epidemic, which had a number of implications on supply and demand, had a major impact on the used car market in New Zealand. The market initially slowed due to lockdowns, travel restrictions, and economic uncertainty. The temporary closure of many dealerships and delays in the importing of new and used cars due to global supply chain disruptions exacerbated shortages in the used car market. As fewer new automobiles were produced and imported, individuals turned to the used car market, which raised demand for used cars. Due to economic uncertainty, consumers choose less expensive used cars over new ones, making the market even more competitive.
New Zealand Used Car Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; AJ Motors, Andrew Simms Group, Autoport, AutoTrader, Dayman's Motor Group, Morrison Motor Group, New Zealand Car (NZC), Paul Kelly Motor Company, Turners Automotive Group, WHEELER MOTOR COMPANY LIMITED, Others.
New Zealand Used Car Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, New Zealand Used Car Market is segmented as; Hatchback, Sedan, Sport Utility Vehicles (SUVs), Multi-Purpose Vehicles (MUVs).
By Vendor Type: Based on the Vendor Type, New Zealand Used Car Market is segmented as; Organized, Unorganized.
By Fuel Type: Based on the Fuel Type, New Zealand Used Car Market is segmented as; Gasoline, Diesel, Electric, Alternative Fuel Vehicles.
By Region: This research also includes data for Eastern region, Western region, Southern region, Northern region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.