Historically, there has been a close correlation between South Africa’s economic growth and vehicle sales, with years of low GDP growth explaining the flat vehicle market in the time leading up to the COVID-19 pandemic. Vehicle sales in 2023, while showing a slight year-on-year improvement, have yet to reach prepandemic levels. Myriad factors, such as low consumer confidence, tightening household budgets owing to higher interest rates, fuelprice increases, a weaker currency and load shedding-related expenses, have hindered market growth.
In fact, the