Total domestic new-vehicle sales in February declined by 0.9%, to 44 749 units, compared with the same month last year, says Naamsa | The Automotive Business Council.
The new-passenger-car market dropped by 3.1%, to reach 28 857 units.
Car rental sales accounted for 12.9% of new-passenger-vehicle sales during the second month of the year.
Sales of new bakkies, vans and taxis increased by 2.5%, to 13 306 units, compared with February last year.
Medium truck sales dropped by 7.7%, reaching 645 units, while heavy-truck and bus sales jumped by 14%, to 1 941 units, reports Naamsa.
February new-vehicle exports from South Africa to the rest of the world increased by 27.5%, to 39 517 units.
Naamsa says February’s sales numbers show that middle-income households are restricting their appetite for big-ticket items such as new vehicles.
“The ripple effect of higher interest rates, higher fuel prices and no relief for personal income-taxpayers in the 2024/25 tax year will continue to impact household incomes for the foreseeable future.”
“With the date of the 2024 South African general election announced to take place on 29 May, economic uncertainty remains the reality for most households and businesses,” the sector body adds.