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Indonesia. Indonesia’s new car sales hit a record 72,090 units in July, which was 72 percent more than for the same month last year, as the upcoming exodus at the end of Ramadan drove vehicle purchases.

“Sales increased in anticipation of the Idul Fitri holiday,” Bank International Indonesia economist Juniman told the Jakarta Globe on Friday.

Sales, led by Toyota, dwarfed the 41,910 units sold in July 2009, according to the Indonesian Automotive Industries Association (Gaikindo). The previous monthly record was set in June, when people drove home 70,384 cars.

The first seven months of this year saw new car sales of 442,298, up from 252,156 over the same period last year.

According to Juniman, the increasing sales have been a major boon for automotive stock prices. “If we look back to 2009, the stock price of Astra Internasional was in the Rp 30,000 [$3.30] to Rp 40,000 range. But this year, the price has been in the Rp 45,000 to Rp 50,000 range,” he said.

Astra is the sole distributor, agent and importer for various car brands, including Toyota, Daihatsu, Isuzu, Nissan Diesel, Peugeot and BMW.

Johnny Darmawan, president director of Toyota Astra Motor, said the booming economy was particularly conducive to healthy car sales “especially as we get closer to Idul Fitri, when consumer purchasing is strong.”

“Combine that with low interest rates for car purchases and a stable rupiah-dollar exchange rate, and the automotive market is solid,” he said.

Muslims usually return to their hometown or visit relatives during the holiday, spurring vehicle purchases.

Gaikindo vice chairman Rizwan Alamsjah said last week that the average borrowing rate for car purchases had been about 6 percent this year, compared with an average of 10 percent last year.

The majority of cars in Indonesia are purchased through vehicle loans.

The central bank has left its key interest rate at 6.5 percent for the past year, the lowest level since it introduced the rate in July 2005, encouraging domestic lenders to lower borrowing costs.

Gaikindo expects sales to continue accelerating, predicting they will reach 750,000 this year and one million units by 2015.

Indonesia’s record for vehicle sales was set in 2008, when 607,805 were sold. Sales fell to 486,061 last year, with consumer spending slowing in the wake of the global financial crisis.

In another boost for the car market, this year’s Indonesia International Motor Show rang up Rp 2.4 trillion ($268 million) in sales, 41 percent more than last year.

Domestic consumption, including car purchases, is one of the main drivers of growth in Indonesia, analysts say.

Economic growth is expected to peak in the third quarter, and full-year GDP growth may exceed 6 percent, the Central Statistics Agency (BPS) said.