Owning a car costs R2400 more every month than it did in 2021
As we can see, October and November exceeded the yearly average seen thus far. This, Wesbank says, is due in part to ongoing interest rate hikes as well as rising fuel prices.
“As a result of vehicle price inflation over the past year and other industry constraints, consumers have spent more on average for new and used vehicles in 2022, and this trend is likely to continue into 2023. In October this year, the average value of a new vehicle financed through WesBank was R388 338 compared to R368 696 in October 2021. This reflects a 5 percent year-on-year average price increase for new vehicles,” says Gaoaketse.
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