New vehicle sales saw a 5.5% increase in October, signaling a strong start to the final quarter of the year. Read more about this positive trend here.
The South African car market experienced a welcome boost in October, with new vehicle sales rising by 5.5% compared to September, signaling a positive outlook as the year nears its end. According to the National Association of Automobile Manufacturers of South Africa (Naamsa), a total of 47,924 new vehicles were sold in October, marking the best performance of the year, surpassing even the strong sales recorded in July. This figure represents an increase of 2,506 units compared to October 2023, offering an optimistic signal for the sector’s recovery.
This uptick in sales comes as a welcome development for the automotive industry, which had faced challenges earlier in the year. The robust performance in October indicates a growing sense of confidence among consumers and businesses alike. It also aligns with the expectations of industry stakeholders for a stronger second half of the year. “While optimism began to emerge in September, October’s new vehicle sales provide clear evidence of rising confidence in the market,” said Lebo Gaoaketse, Head of Marketing and Communication at WesBank.
The positive trend reflects a variety of factors, including improved consumer sentiment, favorable financing options, and an overall recovery in the broader economy. Industry experts are hopeful that this momentum will continue into the final quarter of the year, with October’s strong performance providing a solid foundation for sustained growth. For both manufacturers and dealers, this represents an encouraging sign that the market is regaining its strength after a challenging period.
As the year progresses, there is cautious optimism that the automotive sector will continue to build on this momentum. The October sales numbers not only represent a healthy recovery but also underscore the resilience of the South African car market, with consumers showing growing confidence in making big-ticket purchases.
