That’s correct, as long as you have owned the vehicle for a period of time. It was a year when we bought our cars back from the UK.
Less than a year means you pay gst on a depreciated valuation of the car.
These folks might have a view as they're wrecking 2 F10 M5 sedans.
https://www.sdeuropean.co.nz/cars-for-dismantling?make=bmw&series=csv5ba865a999cf1&chassis=edit5c8021b933c86