Car sales: May 2007
The South African appetite for new cars seems to be dwindling - the 31490 passenger vehicles that were sold last month was more than 10% below the number of cars driven off dealer floors in the same month last year.
Reasons for the slowdown include car prices and higher interest rates as well as logistics constraints experienced by some vehicle delivery companies.
Standard Bank economist Danelee van Dyk asserts that weakness was amplified by individuals postponing new vehicle purchases to take advantage of the more affordable vehicle payment system legislated by the National Credit Act, which allows for the private leasing of vehicles.
Source: Business Day
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