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Head of TransUnion Auto in South Africa, Kriben Reddy, says that although new car sales were up, record-high fuel prices and a higher VAT rate saw consumers delaying purchasing decisions in the used car segment, which affected the entire market negatively.
SEE: 'Cars are cheaper' but SA motorists remain wary - TransUnion
"Overall, the South African car market has had a challenging quarter. In real terms, cars are cheaper than they’ve been in over a year. But this has not been enough to offset the impact on consumers of fuel price hikes of around 20% this year alone, ongoing rand weakness and the prospect of higher interest rates," said Reddy.
We asked our readers how they felt about the local car industry; more than 50% of respondents feel that cars are too expensive to purchase. However Kriben Reddy say there is no better time to purchase a vehicle than now...
Check out the results of our poll below:
TransUnion's Vehicle Price Index:
