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"People are going to lowball the owner on price even if they do get a buyer." They might not be able to trade in their gas guzzler and may have to dispose of it through Trade Me or car fairs, he says.
Phil Pelling, of Honda Cars Newmarket, says his dealership will still consider taking a late model V8 Holden Commodore as a trade-in, but says its value has dropped 25 per cent in the past couple of months as petrol prices have surged.
The number of people who can afford the petrol for large-engine cars has decreased markedly, Pelling says.
Petrol prices are already at record high levels in New Zealand and, as the value of the Kiwi dollar slides, economists are predicting they will keep rising even if the international oil market stabilises.
Tony Alexander, Bank of New Zealand's chief economist, says a further rise of at least 10c a litre looks probable, and that would push 91-octane petrol to at least $2.23 a litre.
Perry Kerr, chief executive officer of the Motor Industry Association, says new car sales statistics for May show 288 Holden Commodores sold, much lower than the sales it once managed.
Overall, 501 Holdens sold in May compared with 824 during the same month last year. The Corolla year to date has now sold more units (2247) than the Commodore (2007).
Ultimately, says Biddle, people still need a car that fits a purpose and their lifestyle. For some people, if you're towing a horse float, a caravan or a boat, you still need a big vehicle.
Those who seriously have to sell, says Pelling, should consider waiting until closer to Christmas if possible, when demand from people needing to tow a boat picks up. Others should consider keeping the car and buying a scooter for their daily commute, catching a bus, car pooling and rationalising trips.
Goetz Neugebauer, of scooter store Scooter e Motion in Auckland's Mt Eden, reports a "significant increase" in scooter sales over the past two months despite the onset of winter, as petrol prices have left motorists cold.
