A popular advertising campaign in Argentina sums up the appeal of owning a new car: “You may have got a zero for punctuality, but you’ve got a zero” it trumpets, playing on the allure here of owning a “zero-km”, as new cars are popularly called.

Argentine car production rose 40 per cent year-on-year in May and sales rose by nearly a third – another sign, perhaps, that people are hedging against inflation by investing in new wheels. And anyone who doubts that car purchases are growing only needs to try a rush-hour trip through Buenos Aires to experience the level of car saturation for themselves.

Exports have also surged due to strong demand from Brazil, but carmakers are warning that suppliers are operating at full capacity, potentially storing up trouble ahead if suppliers are unable to keep up with demand.