South African vehicle sales have declined for the third consecutive month due to the impact of high inflation and the cost of borrowing on disposable income. According to IOL, sales for October 2023 were reported at 45,445. Naamsa, the automotive business council of South Africa, revealed that out of the total reported industry sales, 80.2% were dealer sales, 12.9% were sales to the vehicle rental industry, 4.1% to government, and 2.8% to industry corporate fleets.
SOUTH AFRICAN VEHICLE SALES IS UNDER PRESSURE
ALSO READ: South Africa’s most outrageous number plate was spotted in Joburg.
THESE ARE THE TOP 10 BEST-SELLING VEHICLES FOR OCTOBER 2023
Top-selling vehicles for October 2023 include perennial favorites such as the Toyota Hilux, Volkswagen Polo Vivo, and locally-built Toyota Corolla Cross.
ALSO READ: Cheslin Kolbe drives his dream car that’s ‘as fast as him’
1. Toyota Hilux – 3310
2. Volkswagen Polo Vivo – 2280
3. Toyota Corolla Cross – 2100
4. Ford Ranger – 1853
5. Toyota HiAce – 1546
ALSO READ: Fake TikTok Dr ‘Matthew Lani’ pulls ‘Catch me if you can’ move
6. Isuzu D-Max – 1464
7. Toyota Starlet – 1363
8. Suzuki Swift – 1248
9. Volkswagen Polo – 1235
10. Nissan NP200 – 961
CLICK HERE FOR MORE STORIES BY SEAN PARKER
NAMSA WEIGHS IN ON OCTOBER VEHICLE SALES DATA
Naamsa stated that economic constraints, rising cost of living, and restrictive borrowing costs were depressing demand for luxury goods, affecting new vehicle sales. The weak economic growth rate of the country is a key challenge for the new vehicle market due to the close correlation between new vehicle sales and the GDP growth rate. Naamsa also emphasized that faster economic growth, moderate inflation, and lower interest rates would support the new vehicle market over the medium term.