Dealers Say Car Prices Stabilised

Press, Volume CII, Issue 30279, 4 November 1963, Page 14

Dealers Say Car Prices Stabilised

(New Zealand Press Association)

WELLINGTON, Nov. 3. A sampling of Wellington’s used ear dealers yesterday found that all agreed that prices had come down recently but over the last three weeks had tended to stabilise. Opinion on future trends was divided. After that, comments and predictions varied. One dealer, in a large firm, holding a new vehicle franchise as well, said sales were as good as a similar period last year. He thought the market was almost as buoyant although at a reduced selling price. He did not think the public would have to pay any more premium prices and could not foresee any hardening of prices in the new year. "That’s just wishful thinking,” he said. He thought the market might possibly become even more buoyant after the new year. Another dealer, holding new car franchises also, thought prices were "right down to earth and the public knew it.’’

He had found buyers very choosy about what they bought, buying on condition and only if the price was right. "Nobody is making a fortune,” he said. A franchise holder for Continental cars, who also dealt

in used cars, said late model cars with low mileages were getting harder to sell. The cheap cars, between £3OO and £5OO, were still selling. “John citizen does not accept that prices are down,” he said. People were coming in and asking high prices for their cars still, although they expected prices to be low when it was their turn to buy. He thought the market would be harder between now and Christmas, particularly after the election. “There’s not a show that we can continue importing at this rate,” he said. He expected a shortage of cars and consequently higher prices next year.

A used car dealer explained that the public, who had been expecting 12,000 new cars to be available almost immediately were now realising that they were unlikely to get any of these until well into next year. As the demand for cars increased the prices would go up. He thought that although prices had stabilised at the moment the market was still too fluid to make any longterm predictions. He thought there might be a small burst in prices towards Christmas; but this trend had become less noticeable in recent years.