Vehicle sales continue to rise
STILL GOING UP: New vehicles sales in South Africa continued to rise through July 2012.
Johannesburg - The number of new vehicles sold in July 2012 was up by 4.22% to 54 067 over June, the National Association of Automobile of SA has reported.
The total was also 18.34% more than the July 2011 figure.
Passenger vehicle sales increased from 35 913 in June to 37 844 in July – a 5.38% increase. Light commercial vehicle sales grew by 2.67% to 13 781 but medium commercial vehicles, buses and trucks sales decreased from 2541 in June to 2442 in July – the only segment to show a fall (-4.9%).
BOOST FOR BUYERS
Passenger vehicles recorded an 18.16% year-on-year increase while light commercial vehicles had the highest year-on-year increase at 20.77%.
Wessel Steffens, head of vehicle and commercial asset finance at Absa, said there could be some boost for buyers after interest rates cuts in July.
Steffens added: "Interest-rate sensitive sectors of the economy such as the vehicle sector, will at best be supported by the rate cut, while little stimulus is expected to occur.”