Passenger car buyers in South Africa appeared undeterred by prevailing economic concerns, as evidenced by the February retail vehicle sales figures.<\/p>\n\n\n\n
\u201cPassenger car buyers in South Africa seemed undeterred by some of the economic concerns being flagged currently by the local media if one studies the retail vehicle sales figures for February, which show car sales up by 17.1% when compared to February 2024,\u201d said Brandon Cohen, Chairperson of the National Automobile Dealers\u2019 Association (NADA).<\/p>\n\n\n\n
Several economic disrupters were at play last month.<\/p>\n\n\n\n
\u201cThese disrupters included the delayed announcement of the national budget, concerns about the future of trade with the United States, and an ongoing lack of confidence in the business sector. The latter concern continued as sales of light commercial vehicles decreased by 11.3% in February, although part of this fall in volume can be attributed to a shortage of stock from some of the brands. The important heavy and extra-heavy truck segment was 12.5% lower than in the corresponding month last year, which is also concerning. Medium trucks, which is a small market, recorded a sales increase of 11.5%, ,\u201d explained Cohen.<\/p>\n\n\n\n
A notable trend in the market is the growing presence of OEMs competing in the entry and lower segments of the market in the top 10 rankings, with brands such as Suzuki, Hyundai, Kia, Mahindra and Chery gaining traction. This shift suggests that affordability is playing a key role in driving unit sales, enabling consumers who previously could not afford a new vehicle to enter the market. Additionally, a 0.25% decrease in interest rates at the end of January as well as speculation over a potential VAT increase may have encouraged some buyers to expedite their purchases.<\/p>\n\n\n\n
\u201cAnother reason for the surge in new car buying could have been that February is the end of a tax year for many companies, and those who still have money in their budgets tend to buy before the end of this period\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
Passenger car buyers in South Africa appeared undeterred by prevailing economic concerns, as evidenced by the February retail vehicle sales 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