Record 1.14 million used cars changed hands in 2017

The average age of vehicles in the light motor category was 14 years. Photo/file.

NZTA Figures show that 2017 was a record year for the second-hand car market, with businesses lodging 1.14 million used car transactions over the year.

This was up 1.79 per cent from 2016, and marks a continual upward trend from 2011.

The overseas segment was the biggest contributor to this increase, with 165,000 transactions - a 10 per cent lift from last year.

The second biggest growth segment was 'dealer to dealer', which rose by 2.72 per cent from the previous year.

Turners, the nation's biggest used car dealership, says there are no signs of the used car market slowing down in coming years.

The data shows light motor vehicle fleet is older than it has ever been, with the average vehicle age increasing to 14 years.

However, with the scrappage of 20-year-old vehicles accelerating, Turners anticipates the rejuvenation of the light fleet in coming years.