New vehicle sales in Indonesia increased by 5% to 76,980 in August, compared with 73,279 units a year earlier, according to data released by industry association Gaikindo.
This latest sales trend is viewed in a very positive light by the association, given the recent introduction of minimum down-payment requirements of between 25-30% for car loans. Working hours were also significantly reduced in August due to the annual Idul Fitri holidays.
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The association had expected the market to dip to around 50,000 units in August. Chairman Sudirman Maman Rusdi told local reporters that the association has revised upwards its full-year sales forecast to 1 million units – from 875,000 previously, following these encouraging data.
Many had feared that the tighter lending rules introduced in June would drive the market lower, but so far sales have held up well. Cumulative sales for the first eight months of the year now stand at 714,758 units, up 23% compared with just over 580,000 units a year earlier.
