Some brands predict double-digit price hikes on their vehicles in the short term.If you were thinking of buying a new car now that dealers have reopened their doors, it’s better to do it sooner than later as prices are set to spike.
He says the reduced prime interest rate will, however, assist consumer affordability in the short term. Last month the Reserve Bank cut interest rates by one percentage point for the second time in just less than a month, bringing the repo rate down to 4.25% — the lowest in recent history. “We believe a large percentage of consumers will be under financial and cash flow pressure,” says Stanley Anderson, Hyundai SA’s sales and operations director.
Henno Havenga, Manager of Auto Dealer Sales at Suzuki SA, warns of possible double-digit price hikes in the coming months. Honda SA recently increased its prices to accommodate the weaker rand and doesn’t currently plan further increases. “Put another way, this is a great time to buy a new car, one can take advantage of the current pricing and the reduced interest rates,” says Brian Smith, head of the Peugeot brand at Peugeot-Citroën SA.Image:Hyundai has a number of cash-back offers including R15,000 on the Grand i10, R20,000 on the i20 1.2 Motion Manual, R30,000 on the Accent and R50,000 on the Tucson.
Why spike when interest rates are tumbling
Hahaha.. this is hilarious. Only politicians will be able to buy now.
I don't think this would fly, I mean autotrader has seen 300% growth in searches for cars less than R50k & People are trading in their big cars.
Seriaaaaas
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