Rising fuel prices put additional stress on households in South Africa - so drivers are making big changes where they can to save on costs.
South African drivers are downgrading their cars and keeping their vehicles for longer as higher prices and rising living costs keep households under pressure.
The hikes come as households remain under pressure due to inflation, high interest rates and recent hikes to electricity and other utilities. In the meantime, households are adapting as best they can, where they can, which includes making changes to big-ticket items. However, another key trend has emerged, with Gottschick also noting that there has been an extension of the car replacement cycle to 48 months.Despite consumers trading down, the demand for pre-owned vehicles remains significantly lower than pre-pandemic levels, according to TransUnion Africa chief revenue officer, Stephen de Blanche.
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