New car sales up by 18% in February compared to previous year
The latest car statistics show that more people bought cars this February than the same time last year.
2022 has started off on a good note for the automobile sector.
According to a report by carmag.co.za, the sale of new cars in February has increased 18% when compared to the same time last year.
“Despite the traditionally short February selling month and in the face of interest rate hikes and fuel price increases, new vehicle sales performed reassuringly well during the month,” Lebogang Gaoaketse, Head of Marketing and Communication at WesBank, told the publication.
This is good news for the sector, especially considering that there was a decrease in new car sales during the 2021 December period.
A January report by Business Tech indicated that there was a decline of 1,302 vehicles or a fall of 3.5% compared to the total new vehicle sales of 37,250 units in December 2020.
READ: PARENTING: Gauteng mother buys her 13-year-old a car...
COVID-19 and its impact on business
Several markets were negatively affected by the coronavirus pandemic. Not only that, but the pandemic led to a lot of people losing their jobs or receiving salary cuts.
A July 2020 report by Business & Human Right Resource Centre states that at least three million South Africans lost their jobs as a result of the pandemic.
The virus also saw a lot of companies implementing remote working for their employees. This meant that people did not need to drive to work.
However, with millions of people in South Africa vaccinating, many sectors are opening up.
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