Turbulent market slashes 2 Cheap Cars' profit

Weak economy, low immigration hits car sales. (Image: NZME)

Fri, 30 May 2025

New Zealand’s continued economic downturn, a sharp fall in immigration and consequent softer market demand has driven a 47% drop in profit for 2 Cheap Cars.The company reported total revenue of $81.9 million with 7675 cars sold in the year to March 31, down 6% compared to $86.7m in 2024.Included in the total revenue was $1.7m related to carbon credits generated and retained in prior reporting periods, but not previously recognised because of uncertainty regarding their realisation.The business’ gross margin decreased by 14% to $17.8...

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