The figures show that the number of vehicles sold locally in May 2024 is over 6,000 less than in May 2023.
“As expected, the general election and the accompanying uncertainty about South Africa’s future have severely impacted vehicle sales in May, with overall sales tumbling by 14.2% to a total of 37,105 units,” said Cohen. “Consumers remain under significant financial strain, and although repo rates have been held steady for some time, current interest rate levels remain too high for many potential vehicle buyers,” said Cohen.
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