- September new vehicle sales up 12.7% to 61 645.
- Passenger vehicle sales up 14.7% to 44 291.
- Light commercial vehicle sales up 9.6% to 14 361.
- Repo rate recently increased to 7.25%.
- 18 945 NEVs sold in first eight months.
South Africa’s new vehicle market closed the third quarter with September sales up 12.7% year-on-year to 61 645 units, according to naamsa, compared with 54 706 units in September 2025. The increase came despite affordability pressures and the recent 25 basis point increase in the repo rate to 7.25%, and WesBank data shows buyers are changing how they finance vehicles rather than leaving the market.
Passenger and light commercial vehicle sales
Passenger vehicle sales increased 14.7% to 44 291 units, while light commercial vehicles, bakkies and minibuses grew 9.6% to 14 361 units. Dealer sales accounted for 81.4% of the market, with the rental industry contributing 13.8% of total industry sales.
Thanda Sithole, Senior Economist at FNB and WesBank, said demand “remains resilient, even as consumers face higher borrowing costs and renewed pressure from fuel and other living expenses”. He added that WesBank’s new vehicle finance applications grew year-on-year and at a faster rate than total vehicle applications.
How WesBank customers are structuring finance
New vehicle applications made up a larger share of total applications than a year ago, while used vehicle applications also increased. The average new vehicle finance deal was smaller than a year ago, while the average used vehicle deal was larger. Contract terms lengthened, particularly for new vehicles, more customers chose fixed-rate finance for certainty on monthly repayments, and balloon payments featured in fewer deals.
According to Sithole, customers “are adjusting how they structure their vehicle purchases” and are focusing on the total cost of ownership.
Running costs and new energy vehicle sales
Headline inflation increased to 4.4% in August from 4.3% in July, with fuel among the contributors, and higher fuel prices are expected to add further pressure on household budgets in October.
naamsa reports that 18 945 new energy vehicles were sold in the first eight months of 2026, already 13.4% above the 16 703 units sold during the whole of 2025. Approximately one in every 20 new vehicles sold this year is electrified, with plug-in hybrids and battery electric vehicles accounting for more than half of NEV sales.
Outlook for the final quarter
Sithole said the instalment, insurance, maintenance and fuel costs all need to be considered when judging affordability, and that the next few months will show how consumers adapt as the latest repo rate increase feeds through to repayments. Buyers can compare finance terms, instalments and fixed- and linked-rate options using WesBank’s online finance calculators before applying.
Supplied by MotorPress (WesBank)
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