The new year kicked off with the eighth consecutive interest rate hike and yet another climb in fuel prices, let alone the seemingly worsening state of load-shedding.
“All these factors continue to place pressure, not only on the economy as a whole, but very practically on the households and livelihoods of consumers,” says Lebogang Gaoaketse, the head of marketing and communications at WesBank. “Yet, although interest rates are now above pre-pandemic levels and inflation remains high, the new vehicle market continues to recover.”
Passenger car sales increased 2.9% to 31 072 compared to January last year. The dealer performance in the sector was softer, increasing 1.6% to 24 918 sales given the strong performance of the rental market, with 5 041 sales during the month.
In typical fashion, powerhouse Toyota claimed three of the spots in the statistics,
Top five selling vehicles in January 2023:
- Toyota Hilux – 2 769
- Toyota Corolla Cross – 2 042
- Toyota Starlet – 2 037
- Suzuki Swift – 1 499
- Isuzu D-Max – 1 273
Source: CAR Mag