DAVID FURLONGER: Buy now, die later

2022/01/14 21:28:00

While most South Africans struggle, the world’s uber-wealthy are buying luxury cars like there’s no tomorrow (perhaps there isn’t)

While most South Africans struggle, the world’s uber-wealthy are buying luxury cars like there’s no tomorrow (perhaps there isn’t).

While most South Africans struggle, the world’s uber-wealthy are buying luxury cars like there’s no tomorrow (perhaps there isn’t)

The Bentley Flying Spur. Picture: SUPPLIEDSales of Rolls-Royce and Bentley cars set new records in 2021 as the world’s super-rich, reminded by Covid of their own mortality, decided to splash out on luxury goods while they were still alive to enjoy them.

For us mere mortals in SA, however, the harsh economic realities of living with a pandemic – never mind a mismanaged economy – continue to limit our car-buying potential.Rolls-Royce sold 5,586 cars around the world last year, a 49% increase from 2020. Bentley sales rose 31%, to 14,659. The two UK brands are owned respectively by BMW and Volkswagen.

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14 January 2022 - 06:00 The Bentley Flying Spur.@SABCNews Image: SABC The High Court found in favour of OUTA and said the proposed traffic legislation unlawfully intrudes on the exclusive executive and legislative competence of local and provincial governments, preventing them from regulating their own affairs.The improvement comes on the back of an economy slowly normalizing its activity as lockdowns have been gradually eased, said FNB property strategist, John Loos.What happened? Pirates along with a few other teams are part of the biggest teams in Africa and with that prestigious title, it means that the players are often idolized by not just young South Africans but children from across the continent.

Picture: SUPPLIED Sales of Rolls-Royce and Bentley cars set new records in 2021 as the world’s super-rich, reminded by Covid of their own mortality, decided to splash out on luxury goods while they were still alive to enjoy them. For us mere mortals in SA, however, the harsh economic realities of living with a pandemic – never mind a mismanaged economy – continue to limit our car-buying potential. OUTA, the Organisation Undoing Tax Abuse challenged the acts. Rolls-Royce sold 5,586 cars around the world last year, a 49% increase from 2020. The latest quarterly reading pointed to a slow continuation of the declining trend, a sign that financial pressure is gradually alleviating as the economy slowly recovers from the deep lockdown-driven recession of 2020, said Loos. Bentley sales rose 31%, to 14,659. OUTA’s chief executive, Wayne Duvenage says: “We are extremely pleased with the outcome and ruling and this is a win for civil society. The two UK brands are owned respectively by BMW and Volkswagen.”     “Life-changing moments that impact one’s perspective positively, moments I wasn’t paying much attention to until I gave myself time to play namajita.

Rolls-Royce CEO Torsten Müller-Ötvös said this week that his company’s sales, the best in its 117-years history, were helped by the realisation that “life can be short and you’d better live now rather than postpone until a later date”. It was unconstitutional and that is what we tackled in court and the court ruled in our favour today. Sales in order to relocate to “bigger and better premises” remains lower than pre-lockdown 2019 levels at 16. Some had lost friends and acquaintances to Covid. This had encouraged them to invest in “the nice, lovely things in the world”. This is how some South Africans have responded to the ruling: “We welcome the decision by the High Court to pronounce that the demerit system is unconstitutional. Figures released this week by Naamsa/the Automotive Business Council revealed that SA new-vehicle sales also improved in 2021 – though at nowhere near the same rate. However, FNB pointed out that this motive has shown some improvement from 13% in the previous quarter. And while Rolls-Royce and Bentley both boast full global order books for this year, SA’s continued growth will be much more modest. This shows that the judiciary of our country is at work …” “The AARTO judgement is a very progressive ruling because it asks government to go back to the drawing board.   Fortune Makaringe has taken up modelling as one of his new passions.

Following 22.1% growth in 2021, Naamsa CEO Mikel Mabasa predicts a further 8% improvement this year.2% low, as lockdown caused the recession to go far deeper. Sales of cars and commercial vehicles last year totalled 464,122, up from 380,206 in 2020. Pre-pandemic, in 2019, the market was 536,612. At their peak, in 2013, sales were just shy of 650,000. A further key reason for selling, which may reflect both current financial pressures on businesses as well as risk aversion due to uncertainty regarding the economic future, is the estimated percentage of sellers selling to move closer to their market.

It’s anyone’s guess how long it will take to get back there, even though medium-term automotive policy relies on it being surpassed fairly quickly. For now, we should be grateful that last year’s recovery exceeded expectations. Most 2021 growth forecasts were in the 12%-15% range, with only one, at 21%, coming close to the eventual number. The level remains low, however, when compared to the 36. But let’s not get carried away, says Mabasa. There’s a long, hard road ahead.

Unlike the super-rich, most of us have to watch every rand. “While it may often make sense to incur the cost of relocation closer to one’s market, in weak economic times less relocating and more staying put for the time being is the likely outcome. He says: “The domestic automotive industry is under no illusion that the pandemic will continue to have a significant impact on the economy and automotive industry in 2022. Many disruptive elements are expected to remain in play.” Escalating cost increases and supply chain disruptions, such as the global shortage of semiconductors, will continue to hamper production. Tshwane was the highest in the fourth quarter 2021 survey at 78. So will load-shedding.

“Furthermore, the realities of rising interest rates and fuel prices are expected to impact vehicle affordability as household budgets remain under pressure, dimming the hopes of a further strong recovery in the economy any time soon.” Last year’s 22.e.1% market growth was achieved despite a blip in December, when the market shrank 3.5% from 12 months earlier. For the year as a whole, however, sales of new cars grew 23. Financial pressure-related owner serviced movement/sales activity Read:.

3%, light commercial vehicles 20%, medium commercials 11.6%, heavy trucks 21.9% and extra-heavies 24.2%. The only sector to sink deeper into despair was buses, where sales fell 8.

8% to a sorry 664. After several months of misery, new-vehicle exports recovered slightly in December, allowing full-year 2021 to record a small improvement over 2020. At last year’s halfway point, exports were over 60% ahead of 2020, before riots, strikes and cyberattacks on state transport operator Transnet slowed production of vehicles and automotive components. Product changes at two major exporters also had an impact. From July to November, export numbers fell sharply from 2020 levels.

In December, however, with production back to something approaching normal, exports of 21,430 vehicles were 19.4% better than the 17,943 of December 2020. As a result, aggregate exports for 2021 totalled 295,268 – 8.8% better than the 271,288 of 2020. Mabasa says: “The performance of vehicle exports remains reliant on the performance and direction of global markets.

Over the course of 2022 the domestic automotive industry’s vehicle exports are expected to benefit from favourable conditions abroad as well as several new model introductions by major vehicle exporters.” .