A few months ago, with the increase of various tax and VAT, South Africans were concerned how that would impact our ability to buy a new car. Would car finance repayments still be manageable?
Would new vehicles be affordable? Most of us expected a steady drop in new vehicle sales.
NAAMSA has, in fact, discovered that new vehicle sales are slowly picking up in South Africa! They predict an annual improvement of sale volumes, domestically, of over 3% compared to last year.
Kriben Reddy, of TransUnion Auto, has said that it seems that South Africans are leaning back toward buying new cars as opposed to 2017 where the weak rand pushed people more toward purchasing a pre-owned car. In the last quarter for every 2.09 used cars financed, 1 new car was financed. Compared to the previous quarter’s 2.49:1.
While all of this is great news to consumers, it is important to remember that thought should still be put into making a big financial purchase. Homework regarding the Brand, model and type should still be done. This can be a daunting and tedious task but Carfin can help! Contact us for expert advice.
If you have already found the car you would like to own, click here apply online for car finance! Carfin offers competitive interest rates and easy-to-pay terms.