New car sales: up 18,9%

2011-11-03 00:00

THE somewhat robust growth in new vehicle sales is not expected to be carried through into 2012, with growth figures likely to taper off further next year on the back of an uncertain economic outlook and a slow uptake in credit demand, among several other factors.

The National Association of Automobile Manufacturers of South Africa (Naamsa) revealed yesterday that total new vehicle sales advanced 18,9% year-on-year in October 2011 compared with 30% growth in September 2011. A total of 52 338 vehicles were sold last month compared with 44 029 vehicles in October 2010. The growth rate for the year to date is a more-than-acceptable 16,5%.

The growth rates in both passenger car sales and commercial vehicle sales declined in October 2011.

Naamsa said the strength of the market was steady in October, but economists expect sales in 2012 to be weighed down by a variety of factors, including lower real wage growth, weaker consumer confidence, softer economic growth and rising costs.

Although the 2011 monthly average of about 47 129 units is a far cry from the 2007 monthly average of 56 342, the figure is still significantly higher than the recession-hit 2009 monthly average of 32 937.


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