FiestaST
Honorary Master
Two-decade low? Here’s how many new vehicles were sold in SA in 2020
Naamsa has revealed new-vehicle sales in South Africa declined some 29,1 percent to 380 449 units in 2020 thanks to the “crippling effects” of the COVID-19 pandemic.
For the record, that’s a whopping 156 163 units down on the figure of 536 612 achieved in 2019 and represents the lowest total for some 18 years.
The organisation said vehicle sales were “linked to the strength of the economy”, pointing out the pandemic “not only deepened an existing economic recession” but also saw the domestic new-vehicle market drop to “levels of two decades ago”.
As Naamsa points out, the significant fall in aggregate new-vehicle sales occurred despite a 300-basis point interest-rate cut during 2020 to a near-50-year low.
The vehicle rental industry, which forms a “major seasonal contributor” to the new vehicle market, also effectively remained dormant due to the lockdown restrictions on business travel and tourism for part of the year.
www.carmag.co.za
Naamsa has revealed new-vehicle sales in South Africa declined some 29,1 percent to 380 449 units in 2020 thanks to the “crippling effects” of the COVID-19 pandemic.
For the record, that’s a whopping 156 163 units down on the figure of 536 612 achieved in 2019 and represents the lowest total for some 18 years.
The organisation said vehicle sales were “linked to the strength of the economy”, pointing out the pandemic “not only deepened an existing economic recession” but also saw the domestic new-vehicle market drop to “levels of two decades ago”.
As Naamsa points out, the significant fall in aggregate new-vehicle sales occurred despite a 300-basis point interest-rate cut during 2020 to a near-50-year low.
The vehicle rental industry, which forms a “major seasonal contributor” to the new vehicle market, also effectively remained dormant due to the lockdown restrictions on business travel and tourism for part of the year.
Two-decade low? Here’s how many new vehicles were sold in SA in 2020...
Naamsa says new-vehicle sales in South Africa declined 29,1 percent to 380 449 units in 2020 thanks to the “crippling effects” of the COVID-19 pandemic.
