The slide was however offset by an overall rise in the number of vehicles sold during 2017, which rose by 1.8% from 547 547 in 2016 to 557 586, the first upswing in nearly four years.

"The improvement, due to modest gains in new car and light commercial vehicle sales, was encouraging given subdued economic growth, pressure on consumers’ disposable income and low levels of consumer and business confidence. The marginal decline in interest rates in July, 2017 had a positive effect," NAAMSA said

Despite recording yet another decrease in December with a decline of 7.1% from 18 707 to 17 374, exports posted its third highest figure on record with total sales of 329 053, a steep 4.6% drop relative to 2016's 344 820. Segment wise, sales of medium and heavy duty vehicle remained unchanged, with new passenger car sales dropping by 6.4% and light commercial vehicles rising by seven percent.

Commenting on its outlook for 2018, NAAMSA stated while the outcome of the recent election of Cyril Ramaphosa as the new President of the African National Congress and better than expected market performance were positively received, further credit downgrades and political challenges could still pose a risk going forward.

It however remarked, "Barring a further credit rating downgrade, an improvement in economic growth from about 1.0% in 2017 to around 1.9% in 2018 remains possible and this would lend support to new vehicle sales in the domestic market. The substantial improvement in the Reserve Bank’s leading indicator of economic activity heralds improved economic prospects.

Projected domestic vehicle sales for 2018 are expected to peak at 572 000 units or around two percent up on 2017, and exports at 588 000, an increase of some eight percent.

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