ASEAN KEY DESTINATIONS
September car sales up 3.8 per cent
Brunei: LOCAL car sales increased in September by 3.8 per cent from the previous month, the latest statistics from the Brunei Automobile Traders Association (BATA) showed.
A total of 1,043 passenger and commercial vehicles were sold in September, a slight recovery from the 1,005 vehicles sold in August. Despite this, car sales for September and August did not perform as strongly when compared to earlier months this year.
Sales in both September and August did not break the 1,100 mark unlike in June and July where sales stood between figures of 1,100 and 1,300.
Japanese car brand Toyota, distributed by NBT (Brunei), maintains its top position with sales of 217 passenger and commercial vehicles. Suzuki, distributed by Boustead Sdn Bhd, followed with 128 units while Korean car brand Hyundai, distributed by Setia Motors Sdn Bhd, managed to sell 104 units.
Car sales in the 1,301-1,500cc category once again proved to be the most popular among consumers with sales of 272 units, up from 258 units in August.
This was followed by sales of cars in the 1,001-1,300cc category with 128 units sold. Cars in the 1,501-1,600cc category maintained third position from last month with 122 units sold.
Toyota Vios is the bestselling car in September with 56 units sold. This is followed by the Suzuki Swift with 45 units and the Hyundai Accent 1.4L with 33 units.
Insiders in the car industry have attributed the decrease in car sales to the implementation of tighter lending regulations. But the country’s central bank previously said other factors may have impacted the demand for cars.
In a report issued last month, the Autoriti Monetari Brunei Darussalam (AMBD) said car sales are “highly cyclical” and are subject to at least the cycles of calendar seasonality, technological cycle and business cycle.
AMBD said car sales, just like property sales, often rise during festive months of the year.
Technological cycle also increases the demand for new cars as it attracts more consumers.
A cyclical economic downturn reduces demand and encourages car owners to hold onto their existing cars for a longer time.
AMBD said more Bruneians also prefer to invest in other assets, as evidenced by the increasing demand for home financing.
“This could suggest that consumers are shifting from depreciating new cars to appreciating assets such as homes,” AMBD said.
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