Despite a significant slowdown in new car sales, four Maseratis were among the 55,378 cars sold in South Africa during November this year, the National Association of Automobile Manufacturers of South Africa (NAAMSA) said on Monday.
This pushed a number of new car sales to only 2.1 percent more compared to cars sold during November 2005.
NAAMSA attributed the slowdown to increasing interest rates, saying that they are impacting on demand.
"The significant slowdown in year on year growth in new car sales suggested that interest rate increases were starting to impact on demand," the association said in a statement.
"(Also)... the new car market had shown a decline of 2499 units or 6.7 percent compared to the 37,292 units sold during the previous month of October 2006."
According to the association, on the year to date basis, the new car market, in terms of new car sales reported through NAAMSA, remained at 14.1 percent ahead of the corresponding months last year.
The year on year growth rate in respect of new light commercial vehicles sales, bakkies and minibuses had improved during November 2006 by 26.4 percent compared to sales in November last year.
The November sales of light commercial vehicles are virtually unchanged from the 13,397 unit sales during October 2006.
Naamsa said it suspected that the growth in the new vehicle market segments, particularly the new car market, was likely to show further consolidation over the short to medium term period.