As South Africa attempts to escape the persistent effects of the COVID-19 Pandemic, the nation’s unstable economy has had a huge impact on the finances of many citizens. While we no longer have to wear masks when we leave the house, inflation and interest rates continue to rise. Despite this, new statistics show that new vehicle sales have seen positive growth year-over-year, providing evidence that there is a light at the end of this dark tunnel.
The National Association of Automobile Manufacturers of South Africa’s (Naamsa) New Vehicle Sales stats for June 2023 show a year-on-year increase of 14%. Diving deeper into the details, June 2022 saw 41 052 new cars sold, while June 2023 recorded 46 810 sales. This is an increase of 5 758 vehicles, which is quite significant in the grand scheme of things.
This news is fantastic for the motoring industry but does it suggest that the South African economy as a whole will improve? Head of Marketing and Communications at WesBank, Lebo Gaoaketse, seems to think so. They remarked: “More stable fuel prices, fewer, if any, interest rate changes, first-half growth for the manufacturing sector and a strong recovery in exchange rates will all contribute to economic performance as a whole during the second half, as well as affordability for consumers in the market for a new vehicle.”
With all this information in mind, you may be in the market for a new vehicle sooner than you think. When you are ready to take your first step, remember that the Hatfield Motor Group is always here to join you on the road trip towards your new car purchase.