New car sales record

Sales of new cars continue to surge despite the increase in interest rates last month. The number of new vehicles sold in August reached a new record of 88,206, 8 per cent higher than in the same month last year. Total sales so far this year have hit 700,000, up 9 per cent on last year, meaning that the market is on track to top the million mark this calendar year for the first time. Compact and luxury SUV's are leading the way with sales increases of 33 per cent and 23 per cent respectively.