The latest South African Banking Risk Information Centre Annual Crime Statistics (Sabric) report shows a drastic increase in the number of fraudulent Vehicles Asset Finance (VAF) applications as well a slight - but felt - increase in home loan fraud.
BusinessTech looked at what you can afford to buy on your monthly salary – based on the assumption that people are not spending more than 25% of their gross monthly income on vehicle financing.
Year-on-year sales comparisons appear to be beginning to show a consistency of trend, indicating some form of stability returning to the new vehicle market, according to financial services firm Wesbank.
Annual consumer inflation reached a 13-year high in South Africa, increasing to 7,8% in July, StatsSA data showed, leaving consumers in a vulnerable position financially amid the soaring cost of living.
The country reeled in the face of rising fuel prices and interest rates during July, but seemingly without effect on new vehicle sales, according to Lebogang Gaoaketse, head of marketing and communications at WesBank.
Data from Naamsa | the Automotive Business Council, shows that new vehicle sales in South Africa grew 7.6% during June 2022, to 41,019 units.
Every day, we are bombarded with advertising messages persuading us to dress a certain way, live our lives a particular way or drive a certain car. These have the potential effect of making us feel insecure – am I looking…
Apart from an immediate shock to the system, June's fuel price hike of R2.43 per litre for 95 octane petrol at the coast is bad news for both motor vehicle dealerships and potential buyers in the medium to long term.
Toyota and Volkswagen continue to dominate the motoring landscape in South Africa, while hatchbacks and SUVs remain the preferred body shape for passenger vehicle owners.
South African motorists have largely been able to save on travel costs over the last two years because of the Covid-19 pandemic.
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