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Low interest rates jumpstart car sales

Nov 02 2012 11:12 Reuters

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Johannesburg - South Africa’s total new vehicle sales increased by 10.5% year-on-year in October to 57 845 units, partly boosted by record low interest rates, the National Association of Automobile Manufacturers (Naamsa) said on Friday.

Exports of locally produced vehicles however fell by 3.3% year-on-year in October, Naamsa said in a statement.   

Disruption at various manufacturing plants linked to a transport sector strike had affected output and exports during the month.

While relatively lower lending rates were helping boost domestic sales, rising inflationary pressures and a weaker rand could push vehicle prices unsustainably higher, weighing on demand for the remainder of the year and in 2013.

 
naamsa  |  vehicle sales  |  interest rates
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