New passenger vehicles sales remain under pressure in May

“New passenger vehicle sales continue to show strain with a 2.5% drop year on year driven by pressure on consumer affordability driven by new car price increases. The current pressure on new car sales is expected to remain for the remainder of 2017”.

General Comments on May 2017 NAAMSA sales:

• Aggregate new vehicle sales increased month on month by 19.6%
• Passenger vehicles increased by 17.2% month on month
• Overall sales declined by 2.6% year on year
• Passenger vehicles declined by 2.5% year on year
• Year on year monthly comparison shows a decrease of 12.0% in exports

General Comments on May 2017 Standard Bank passenger vehicles:

• The average contract term remained flat year on year
• The average deal size decreased by 7.9% year on year. The recent trend towards the pre-owned/used vehicles continues and is not likely to change in the short to medium term

Comments on NAAMSA New Vehicle Sales Report – May 2017

Nicholas Nkosi – Head of Standard Bank Vehicle and Asset Finance, Retail & Business Banking

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