According to the Federal Chamber of Automotive Industries (FCAI), 97,020 new cars were sold in September 2024, bringing the total number of cars sold for the year to 927,246.
This is notable as it’s the first time the industry has achieved sales exceeding 900,000 by the end of the third quarter. However, just as notable is the fact that the September 2024 total is a 12.4% reduction in sales compared to the September 2023.
FCAI chief executive Tony Weber said that the easing in vehicle sales compared to the same month last year was an indication of the challenging economic times. “During the early part of the year, we witnessed record numbers,” he said. “However, the September result shows that the state of the economy is impacting purchasing intentions.”
With interest rates still high, you may decide to delay buying a new vehicle. However, this may not be the best decision if your vehicle frequently needs repairs. You could be spending more money fixing your old car than you would on vehicle loan repayments.
And remember, you don’t have to buy a brand-new car. There are plenty of excellent used vehicles on the market.
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