SA vehicle sales: Thousands of new cars sold in July, but still 30% down on 2019 | Wheels24
•New vehicle sales were largely flat in July, showing similar numbers to those of June 2020.
However, most worrying to note is that July was a very long trading month, and vehicle sales were still almost 30% down on the previous year. According to NADA's predictions, there won't be a quick recovery from this new reality any time soon, and it could take a minimum of one to two years before we see any significant improvement in new vehicle sales.Consumers are still under massive pressure to meet their monthly household expenses; taking a cautious approach to making big-ticket vehicle purchases and committing to large financial payments.
While there is some reprieve from recent interest rate cuts, rising fuel prices and general inflation will continue to pinch wallets into the foreseeable future. On the positive side, many consumers will have resumed paying deferred installments in July, and considering the pressure they are under and that there is still an appetite for new cars in the current environment, a flat month from June to July was very encouraging.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Covid resurgence slows US job growth in JulyData is the clearest evidence that the US economy’s recovery from the recession is faltering.
Read more »
SA soccer season returns with Nedbank Cup semi-finals todayBaroka and Bloem Celtic will be part of South African football history when they play the first professional game of football in the country since the COVID-19 lockdown began.
Read more »
SA records 9,909 Covid-19 related deathsSA has recorded 9,909 Covid-19 related fatalities since the first case was detected in the country on March 5.
Read more »
7 292 new Covid-19 cases in SAThere have been 305 new Covid-19-related deaths in the country, with 57 being recorded in the Eastern Cape, 136 in Gauteng and 76 in KwaZulu-Natal.
Read more »
SA tries to recover over R400m German software firm SAP for 'unlawful' contractsSouth African investigators are seeking to recover more than 400 million rand from German software firm SAP for two government contracts they allege were entered into unlawfully, court documents show.
Read more »
PODCAST | Economic news of the week: What the economic indicators mean for SAMudiwa Gavaza is joined by Sanisha Packirisamy, economist at Momentum Investments
Read more »