INSIDE YOUR POCKET – Average car prices now stand at R396,000

Kaya Biz

GUEST - Lee Naik, CEO of TransUnion Africa
The findings show that:
In Q4 2023, the average loan value increased to R396,000, up from R386,000 in Q4 2022.
This 2.5% average loan value growth comes off the back of CPI of 5.1% in December 2023 and a new vehicle price increase of 6.3% (Q4 2023 vs. Q4 2022).
The used-to-new ratio of vehicles being financed shifted from 1.98 in Q4 2022 to 1.2 in Q4 2023.
The industry is evolving as consumers are benefiting from the introduction of new subscription-based and ‘vehicle on demand’ models and services.
Overall, the macroeconomic climate remains incredibly challenging for consumers and continues to affect buying power and spending habits.
EXPLAINER - PUBLIC TAKEOVERS IN SOUTH AFRICA Kaya FM