Honda NZ increases new car prices

Honda NZ increases new car prices

Honda NZ is increasing the price of new vehicles, the weak NZ dollar and an increase in the commodity price of steel are important factors in the decision.

The New Zealand dollar has fallen some 28 percent against the Yen when compared to the average rate over the past year, forcing Honda to embark on a price stepping regime that will see prices rise considerably over time should the New Zealand dollar fail to improve significantly. In the first step, effective from 22 October 2008, prices will increase by approximately 5 percent for all existing models. However savvy consumers can still purchase some existing stock at pre-increase prices.

“We will continue to work hard to keep our prices as sharp as possible for our customers, but it is inevitable that car prices in New Zealand will move up for all brands because of the twin pressures from the exchange rate fall and rising commodity prices,” says Honda NZ Managing Director Graeme Seymour.

Honda’s Price Promise will continue to apply to all new Honda cars sold in New Zealand. The Honda Price Promise ensures all customers receive the same price regardless of who they are or where they purchase their car. The strategy removes car distributor initiated depreciation, leaving only the natural market forces to determine the vehicle’s depreciation through wear and tear and market demand. The result is a double ended benefit for customers, a lower priced new car and, due to the lower depreciation cost on a new Honda, a higher price come trade-in time.

Honda NZ is increasing the price of new vehicles, the weak NZ dollar and an increase in the commodity price of steel are important factors in the decision.

The New Zealand dollar has fallen some 28 percent against the Yen when compared to the average rate over the past year, forcing Honda to embark on a price stepping regime that will see prices rise considerably over time should the New Zealand dollar fail to improve significantly. In the first step, effective from 22 October 2008, prices will increase by approximately 5 percent for all existing models. However savvy consumers can still purchase some existing stock at pre-increase prices.

“We will continue to work hard to keep our prices as sharp as possible for our customers, but it is inevitable that car prices in New Zealand will move up for all brands because of the twin pressures from the exchange rate fall and rising commodity prices,” says Honda NZ Managing Director Graeme Seymour.

Honda’s Price Promise will continue to apply to all new Honda cars sold in New Zealand. The Honda Price Promise ensures all customers receive the same price regardless of who they are or where they purchase their car. The strategy removes car distributor initiated depreciation, leaving only the natural market forces to determine the vehicle’s depreciation through wear and tear and market demand. The result is a double ended benefit for customers, a lower priced new car and, due to the lower depreciation cost on a new Honda, a higher price come trade-in time.

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