“New passenger vehicle sales continued to show pressure with a 6.1% drop year on year driven by interest rate increases, further putting more strain on consumers’ affordability. Current pressure on the new passenger vehicles is anticipated to continue for the remainder of 2016”.
General Comments on February 2016 NAAMSA sales:
- The month of February 2016 showed a slight decline in sales of 0.8% compared to January 2015.
- Month on month passenger vehicles decreased by 6%, February 2016 compared to January 2015.
- Year on Year monthly comparison shows a decline in overall sales of 8.1%
- Passenger vehicles declined by 6% year on year
- Year on year monthly comparison shows a decline in exports of 1.6%
General Comments on February 2016 Standard Bank VAF passenger vehicles:
- Used vehicles grew year on year by 7.4%, whilst new vehicles declined by 9.4% during the same period.
- The average contract term increased from 67.8 months to 69.2 months year on year.
- The average deal size decreased from R303 889 in February 2015 to R286 394 in January 2016, 5.8% year on year decline, drive by the continued shift towards pre-owned/used cars.