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Cape Town - Passenger vehicles declined by 6.6% in June 2015 compared to the same month last year, according to data released on Wednesday.
While June 2015 showed an improvement in sales of 5% (passenger vehicles increased by 4.1%) compared to May 2015, a year-on-year (y/y) monthly comparison shows a decline in sales of 4.8% in June 2015 compared to June 2014.
“New passenger vehicles improved month on month,” said Nicholas Nkosi, head of Standard Bank vehicle and asset finance – retail banking. “Despite this, the growth still remained under pressure as evidenced by a 6.6% year on year decline.”
“Passenger vehicles for the first six months of the year continued to show pressure and registered a decrease of 3% compared to the same period last year,” he said.
“New car sales are expected to continue being under pressure for the remainder of the year. For consumers who are looking at buying, this presents good opportunities for good deals in both new and pre-owned markets”.
Y/y monthly comparison shows an improvement in exports of 33.8% in June 2015 compared to June 2014, explained Nkosi. First half of the year compared to the same period last year, exports increased by 45.2% year on year.
“Compared to the same period year on year, there is an increase in used vehicles financed through Standard Bank than new ones,” said Nkosi.
“The average contract term increased from 65.5 months in June 2014 to 68.8 months in June 2015 (5.1% year on year growth).”
“The average deal size decreased from R296 267 in June 2014 to R289 140 in June 2015, 2.4% year on year decline.”
