Monthly car sales in South Africa have dropped for the first time in four years as higher interest rates dampened down demand.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
New car sales in February reached 32,319 units a drop of 0.25% on last year’s level.
The National Association of Automobile Manufacturers of South Africa (Naamsa) said that price increases, high debt levels and consumer demand adjusting to interest rate rises, were responsible for the drop.
However, Naamsa also reported that commercial vehicle sales were up and overall vehicle sales reached 52,589 units – 4.9% ahead of last year.
The recent ‘positive, confidence building budget’ was expected to support savings, investment and future economic growth and would therefore positively influence new vehicle sales, Naamsa added.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataSouth Africa’s new vehicle market reached a record 714,340 vehicles in 2006, some 15.7% ahead of the previous year.
