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New car prices were 4.7% higher in the first quarter of 2024 than they were at the same period in 2023, according to data from Transunion, an international credit bureau. Used car prices increased 2.1% over the same period.
The data also shows that the average loan for financed vehicles in the first quarter of 2024 rose to R391,000, up from R387,000 in Q1 2023.
More than half of the deals for vehicle financing are over the R300,000 mark, which has been the case since mid-2022.
The hefty price tag that comes with buying a car seems to be a contributing factor to the decrease in passenger vehicle sales.
Just over 161,000 new passenger vehicles were sold in the first six months of 2024, according to Naamsa. This is about 13,000 fewer vehicles than the 174,000 sold in 2023 (-7%).
The data also shows that the average loan for financed vehicles in the first quarter of 2024 rose to R391,000, up from R387,000 in Q1 2023.
More than half of the deals for vehicle financing are over the R300,000 mark, which has been the case since mid-2022.
The hefty price tag that comes with buying a car seems to be a contributing factor to the decrease in passenger vehicle sales.
Just over 161,000 new passenger vehicles were sold in the first six months of 2024, according to Naamsa. This is about 13,000 fewer vehicles than the 174,000 sold in 2023 (-7%).