New vehicle sales surge 12.7% in September: These were the top 15 manufacturers

In September, South Africa's new vehicle market demonstrated resilience despite economic headwinds. Naamsa reported a 12.7% increase in overall sales to 61,645 units compared to the same month last year. Passenger cars saw the largest growth, rising 14.7% year-over-year to 44,291 units, with rentals contributing 18.4% of the sales.

Light commercial vehicles increased by 9.6% to 14,361 units. Medium commercial vehicles grew by 3.4% to 789 units, while heavy truck sales climbed 12.1%. Bus sales dropped significantly by 49.3% to 70 units. Dealerships led vehicle sales at 81.4%, followed by rentals at 13.8%, government at 2.6%, and corporate fleets at 2.2%. Export sales decreased by 18.8% to 31,473 units.

Despite worsening affordability conditions, new vehicle sales rose at a double-digit pace, with the competitive and diversified market structure playing a crucial role in the resilience. Factors such as a wide range of brands, models, and price points, along with competitive pricing and attractive financing options, sustained demand.

WesBank's senior economist, Thanda Sithole, noted that buyers are adopting a more cautious approach to vehicle finance, with smaller and longer-term deals, and a shift towards fixed-rate finance.