New car sales show promising upward trend
Combined with low interest rates and low inflation, the industry could benefit should taxes on new cars be reduced
New-vehicle sales are showing “real resilience” and could recover faster than many people expect, Cyril Zhungu, Standard Bank’s head of automotive retail finance, said on Thursday.
He was speaking after the publication of the latest sales figures, showing that 37,403 cars and commercial vehicles were sold in September. That was 23.9% fewer than the September 2019 market of 49,140. Aggregate sales for the first nine months of 2020, at 265,412, were down 33.4% from 398,290 in 2019.