New vehicle sales in South Africa hit a new record in August despite macroeconomic factors pointing to a market slowdown. Figures released by NAAMSA showed that new vehicle sales rose to 59,828 units in August, 12.5% ahead of the same month last year.
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NAAMSA said that August new car sales were boosted by car rental business and an element of pre-emptive buying in anticipation of possible price increases following recent exchange rate weakness.
New car sales reached 39,215 units in August, a gain of 9.7% on last year and the highest single monthly sales total on record.
Cumulative car sales were also 17.7% ahead of the eight-month period last year, NAAMSA said.
However, NAAMSA noted that the industry anticipates that sales will, during the months ahead and into 2007, start to consolidate on the back of recent and expected further increases in interest rates, record energy costs and some pressure on new vehicle pricing.
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By GlobalData
