With the Budget Speech held on Wednesday 21 February 2018, many people were left discouraged and disheartened. Elon Musk is shooting Tesla’s into space (honestly, how awesome? Check out this link to track the car: http://www.whereisroadster.com/) and here we are as South Africans, coming to terms with imminent increases in our future. With VAT, fuel and ‘sin’ tax all going up it’s difficult to imagine where that will leave most of us at the end of the month.
With the 5% increase of excise duty rates, a 7% increase on emissions taxes and the fuel levy set to rise, this may affect an individual’s affordability. However, there is a silver lining. The Rand is slowly improving and with the new budget it has certainly renewed optimism regarding South Africa’s economic prospects. The ultimate goal is to address the countries fiscal deficit and improve our international credit rating. This should draw in additional investors into the country and boost our financial status. There is light!
NAAMSA (National Association of Automobile Manufacturers of South Africa) has also stated that they will be requesting that government authorities revise the taxation formula used on new car purchases in South Africa. This will offer major relief on the industry and after yesterday’s budget speech we have been ensured that they will be pursuing their agenda with renewed vigour.
It is also important to understand that these changes to the new budget were absolutely necessary in order to inflict positive change. Not only for the future of South Africa, as we move toward improved economic growth, but also to avoid another downgrade by Moody’s.
So where does this leave you with your dream of driving a luxury car into the beautiful South African sunset?
Don’t push the dream of driving your new Mustang, Porsche, Ferrari, Lamborghini or even just a new Mercedes Benz further into the back of your mind. The Rand is improving and with it the economy. Your dream could be closer than you think.
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