March’s best-selling automotive brands
Consumers are increasingly turning to more budget-friendly vehicles due to ongoing cost pressures.
Vehicle sales in March showed a significant decrease compared with the same period in 2023. Toyota, however, is still at the top.
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With declines across the board, the National Association of Automobile Manufacturers of South Africa (Naamsa) says a constrained business environment amplified by weak consumer demand and the recent Easter holidays impacted the new vehicle market’s performance in March 2024. A look at the total numbers has aggregate domestic new vehicle sales in the month sitting at 44 237 units, reflecting a decline of 5 877 units (11.7%) from the 50 114 vehicles sold in March 2023.
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This downward trajectory, which commenced as long as eight months ago, has now had adverse effects on the first quarter of 2024 that has new vehicle sales 5.3% below the corresponding quarter in 2023.
Naamsa says the effect of the South African Reserve Bank’s aggressive monetary policy stance, by hiking interest rates in an attempt to contain inflation, took some time to filter through to new vehicle sales, which continue to add to the prevailing negative sentiment.
Due to ongoing cost pressures, including escalating fuel costs, along with interest rates, affordability remains a decisive factor in purchasing decisions as consumers increasingly turn to more budget-friendly vehicles.
South Africa’s economic growth outlook for 2024 remains mooted, but at a projected 1.2% by the SA Reserve Bank, it would still be stronger than 2023. Only once the interest-cutting cycle commences, likely during the second half of the year, along with the easing of inflation, better economic prospects are expected for the new vehicle market.
Top 10 best-selling brands for March
- Toyota – 11 109
- Volkswagen – 5 219
- Suzuki Auto – 4 335
- Nissan – 3 995
- Isuzu – 2 587
- Hyundai – 2 436
- Ford – 2 409
- GWM SA – 1 564
- Chery Auto SA – 1 531
- Renault – 1 301
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Naamsa says that out of the total reported industry sales of 44 237 vehicles, an estimated 39 016 units (88.2%) represented dealer sales, an estimated 6% represented sales to the vehicle rental industry, 3.5% to government, and 2.3% to industry corporate fleets.
Domestic sales of new light commercial vehicles, bakkies and mini-buses at 14 870 units during March 2024 recorded a decline of 672 units (4.3%) from the 15 542 light commercial vehicles sold during March 2023.
Sales for medium and heavy truck segments reflected a weak performance for March 2024 at 726 units and 2 064 units, respectively, which is a decline of 136 units (15.8%) from the 862 units sold in March 2023. In the case of medium commercial vehicles, heavy trucks and buses, a decline of 45 vehicles (2.1%) was recorded, compared with the 2 109 units sold in the corresponding month last year.
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