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Namibia records largest monthly sales of new vehicles in 16 months

Namibia in February recorded the largest monthly sale of new vehicles in over 16 months, the National Association of Automobile Manufacturers announced Thursday.

A total of units of 891, where sold and this was the highest number of sales since Oct. 2019 when 971 units were sold.

According to Namibia research firm IJG securities in an analysis, the rolling 12-month number of new vehicle sales showed a small uptick for the second consecutive month to 7,729.

“The increase in new cumulative passenger vehicle sales is especially encouraging as it could indicate a slight increase in consumer confidence, although it is still early days. The growth in the last couple of months was likely driven by the extension of the payback period on vehicle financing from 54 months to 72 months in Sept. 2020,” IJG said.

Meanwhile, the growth is however from a very low base and overall 12-month cumulative sales are still down 66.4 percent from their peak in April 2015, IJG said.

Source: FurtherAfrica

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