VPI Q3 2019 Results
Overall, the South African car market has had another challenging quarter although petrol price fell marginally and an interest rate cut did little to reinvigorate the vehicle market. The signs for new vehicle sales are looking stagnant going into the second half of the year as dealers push sales through guaranteed buy-back options and marketing initiatives to suit the consumers’ pocket. Consumers are in a position of power when purchasing new or used vehicles with price increases well below inflation for the past 2 years as manufacturers try to stimulate the market.
“People are continuing to spend less on cars, with consumers still opting for less expensive entry level vehicles. The average loan size in this quarter is comparable to that of Q2 2013, which suggests that consumer buying power has effectively remained flat for the past six years,”
– Kriben Reddy, Head of Auto Information Solutions
Q3 2019 Vehicle Asset Finance Results
We have seen a shift back to vehicles under 200k as consumers continue to feel strain on disposable income
VPI Q3 2019: Insights
Unpack the most important facts, findings and insights held in this quarter’s infographic. Download our latest version here.
Stay on top of recent vehicle pricing trends with our latest press release. TransUnion’s Q3 2019 Vehicle Pricing Index Indicates an Advantageous Market for New Vehicle Purchasers in South Africa