Executive summary
- During the month of November 2023, a total of 1,171 vehicles were sold, which represents an increase from the 922 vehicles sold in October 2023. This increase amounts to 249 vehicles, translating to a monthly increase of 27%.
- On an annual basis, vehicle sales increased by 12% compared to November 2022.
- In terms of specific vehicle categories, the sales of passenger, light commercial, medium commercial, extra heavy vehicles, and buses increased by 28%, 28%, 20%, 22%, and 100% respectively, month on month on the other hand, sales of extra heavy commercial vehicles declined by 38% month on month.
- From January until November 2023, a total of 11,934 vehicles were sold, representing a 20% annual increase compared to the same period in 2022.
Analysis
- An upswing in vehicle sales both monthly and annually, spanning from November 2023 to October 2023, may signify a boost in consumer confidence. This positive trend could be attributed to the steady interest rates, which have remained unchanged, creating a favourable environment for individuals looking to buy new vehicles
- Monthly low sales of extra heavy vehicles could be attributed to subdued construction activities which led to a low demand of heavy transportation services
| Market | Nov-23 | Oct-23 | Monthly unit change | Monthly % change |
| Passenger vehicles | 568 | 444 | 124 | 27.9 |
| Light commercial vehicles | 542 | 425 | 117 | 27.5 |
| Medium commercial vehicle sales | 24 | 20 | 4 | 20.0 |
| Heavy commercial vehicle sales | 5 | 8 | -3 | -37.5 |
| Extra heavy commercial vehicle sales | 28 | 23 | 5 | 21.7 |
| Bus | 4 | 2 | 2 | 100.0 |
Figure 1: Monthly Vehicle Sales (November 2023 vs. October 2023)
Source: Lightstone Auto & HEI RESEARCH
Figure 2: Month on Month, Vehicle Sales Growth (November 2022- November 2023)
Source: Lightstone (Pty) Ltd & HEI RESEARCH
Figure 3: Year on Year, Vehicle Sales Growth (November 2022- November 2023)
Source: Lightstone (Pty) Ltd & HEI RESEARCH
Outlook
The demand for new vehicles has remained strong throughout the year, but we expect a decline in vehicle sales for the month of December 2023. Historical data supports this trend, as December is typically a holiday month when people tend to prioritize spending on other things rather than purchasing new vehicles.