Namibia’s new vehicles sales will remain flat to negative, until import and delivery of new vehicles normalize, according to investment research firm, Simonis Storm Securities (SSS) on Friday.
The investment research firm said this in analysis, following statistics released by the National Association of Automobile Manufacturers, which revealed that Namibia’s new vehicle sales decreased by 12.2 percent year on year in September 2021, compared to a growth of 30.2 percent year on year in August 2021.
“The constrained supply of vehicles being imported will likely persist for the next couple of months. Depending on each consumer’s needs, we might see further shifts from the first-hand to the second-hand vehicle market as a result of delayed import deliveries,” the research firm said.
Analysts at SSS said certain brands have alluded to losing customers to the second-hand and this is set to continue to support the second-hand vehicle market, in which an increase in demand has been observed. Enditem