Car Registrations in South Africa increased to 32738 cars in October from 31957 cars in September of 2016 as reported by the NAAMSA. In the long-term, the South Africa New Car Sales is projected to trend around 31682.78 cars in 2020, according to econometric models.
5 Worst Resale Value Cars
For certain, there are very few cars that can retain their value over the years, and every car buyer has heard the saying that a new car drops in value as soon as it's driven off of the dealer's lot. While 4% or so is the average decline in manufacturer's suggested retail price (MSRP) at auction, some cars performed much worse than average. These are the five worst cars for model years 2013 to 2015 for retained value in the third quarter, as compiled by Kelley Blue Book.
The Institute of Risk Management South Africa has urged South Africans to prepare themselves for extreme wet weather conditions, including possible floods, until February next year.
IRMSA chief risk adviser Michael Ferendinos said weather patterns characteristic of La Niña were expected to occur from December until February 2017. This comes after last month’s flash floods when about 150 cars were damaged after they were submerged in water along the N3 highway near OR Tambo InternationalAirport.
How much South Africans Spend when Buying a New Car
According to credit bureau Compuscan, nearly half a million vehicle loans have been granted over the past year, with the average vehicle loan granted amounting to R272,182.16. In order to afford such a loan, a person needs to be earning close to R30,000 per month. Naamsa data has shown that new vehicle sales over the past year declined by approximately 10% year-on-year with numbers ranging between 40,000 and 50,000 vehicles each month.
The latest data from the Central Energy Fund shows that South Africans could be in for a petrol price reduction of around 50 cents a litre, depending on which way the currency and fuel prices swing. The Automobile Association said, "While the expected reduction at the pumps ahead of the 2016 Christmas season is welcome, South Africans would be prudent not to expect sustained drops in the fuel price over the next few months"
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