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Sales of new vehicles in Namibia decrease dramatically

The number of new cars sold in 2019 reached the lowest level in the last 10 years, as it was mentioned in the analyses by IJG Research Namibia.

The analysis followed one of the publications on car sales data by the National Association of Automobile Manufacturers of South Africa. Over the last months of 2019, The Namibian has reported that the number of new cars sold has declined in 2019. Some buyers even chose to buy used cars as economic power grows.

“Following the results of the last 12 months, sales of new cars continued a downward trend. Over the year 2019, 10,680 new cars have been sold, that is 10.2% less than in 2018, ”the IJG analysis says.

As for this year, according to information from Namibia, published by the National Association of Automobile Manufacturers South Africa, 671 new cars were sold in Namibia in January 2020, which is 6% less than last December.

Sales of passenger cars in January this year decreased most of all by 7.3% compared to the previous month, to 291 units in January 2020, while sales of light commercial vehicles remained stable at 335 units.

Sales of medium-sized commercial and heavy commercial vehicles decreased by 33.3% from 14 units sold in December 2019 to 6 units, in the result the total sales of commercial vehicles decreased by 10%.

February in its turn gave some optimism in regards to the new car sales. According to IJG Research, 347 new passenger vehicles were sold in February, increasing by 19,2% from 291 passenger vehicles sold in January. On a year-on-year basis, however, February's new passenger vehicle sales figures were 2% lower than 354 vehicles sold a year ago.

A total of 452 new commercial vehicles were sold in February this year, representing an increase of 18,9% compared to January and 13,9% compared to February last year.

However, even prior to the lockdown, with Namibia's economy overall slowing down, IJG expected demand on new cars to decline due to low consumer and business confidence without any growth prospects in the short term.

Now, after all auto production & imports were stopped and borders were closed, along with the country’s economy and population welfare being affected greatly due to the COVID-19 pandemic, auto sales will remain under great pressure in 2020. In fact, this year is most likely to become the worst in the history of the industry with almost no supply at least for the next few months and a very little demand. 

However, in a country like Namibia, some vehicles turnover is still inevitable due to poor development of public transportation, thus we expect the second-hand cars market to pick up some sales that initially were meant for the new cars market, although anything at least a bit more precise only time will tell. 

 

Published on 28.04.2020 by NamCars.net

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