Representing a significant decrease in sales from the same period in 2023, here is who managed to top the sales charts locally for March 2024 with Toyota comfortably at the top.
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With declines across the board, Naamsa says a constrained business environment amplified by weak consumer demand and the recent Easter holidays have 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 a total of 44 237 units, reflecting a decline of 5 877 units, or a fall of 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 which has new vehicle sales 5.3% below the corresponding quarter in 2023. Naamsa mentions that 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. Have a look at the best selling brands for March
Top 10 Best Selling Brands for March 2024
- 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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A closer look at the data, naamsa mentions that out of the total reported industry sales of 44 237 vehicles, an estimated 39 016 units, or 88.2%, represented dealer sales, an estimated 6.0% 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 had recorded a decline of 672 units, or a loss of 4.3%, from the 15 542 light commercial vehicles sold during March 2023.
Sales for medium and heavy truck segments of the industry reflected a weak performance for March 2024 at 726 units and 2 064 units, respectively, which is a decline of 136 units, or 15.8% from the 862 units sold in March 2023 in the case of medium commercial vehicles, and, in the case of heavy trucks and buses a decline of 45 vehicles, or 2.1%, compared to the 2 109 units sold in the corresponding month last
year.
