New passenger vehicles decline by 13.8% year on year

“New passenger vehicles continued to show strain, declining by 13.8% year on year. We anticipate car sales challenges will continue into 2017 largely driven by above inflation car prices”.

General Comments on November 2016 NAAMSA sales:

• Month on month decline in overall sales of 4.7%, November compared to October 2016.
• Passenger vehicles decreased by 13.4% month on month
• Year on Year monthly comparison shows a decline in overall sales of 9.6%
• Passenger vehicles declined by 13.8% year on year
• Year on year monthly comparison shows a growth of 12.1% in exports

General Comments on November 2016 Standard Bank passenger vehicles:

• The average contract term remained flat year on year.
• The average deal size increased by 1.0% year on year even though we are still seeing a shift towards the pre-owned/used vehicles. This trend is not likely to change in the short to medium term.

Comments on NAAMSA New Vehicle Sales Report – November 2016

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