New-vehicle sales plummet 11.7% in March, extending months-long slide
New-vehicle sales plummeted by 11.7% in March, to 44 237 units, compared with the same month last year.
Sales for the first quarter of the year are now 5.3% below the same period last year.
Naamsa | The Automotive Business Council says the market is continuing the downward spiral that started eight months ago.
The negative trend is being fuelled by persistent cost pressures within the consumer environment, including high interest rates and rising fuel prices. However, March was also a shorter sales month than usual, owing to an early Easter, while it also coincided with school holidays.
Within the total market, new passenger-car sales declined by 15.9%, to 26 577 units.
Sales of new bakkies, small trucks, vans and minibuses dropped by 4.3%, to 14 870 units.
Medium-truck sales declined by 15.8%, to 726 units, and heavy-truck and bus sales dipped by 2.1%, to 2 064 units.
Export sales also recorded negative numbers, dropping by 27.1%, to 24 161 units.
“One can hope that April will bounce back and provide some level of correction against last year’s sales,” comments WesBank marketing and communication head Lebo Gaoaketse.
“Considering that the rate of finance applications per day was up against March last year, the levels of demand remain high.”
However, Gaoaketse notes that the broader economy remains a challenge for South African motorists.
“With interest rates unchanged once again, they remain high amidst generally high inflation. Fuel prices will increase again this week, continuing to place pressure on household budgets and their ability to service debt.”
WesBank also believes that the market will inevitably act cautiously as it eyes the outcome of the general elections in May.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Tractor & Grader Supplies (TGS™): Your Trusted, Genuine Source for New Replacement Parts for Earthmoving, Construction and Mining Machinery
VISIT SHOWROOM
Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
