“The new vehicle market remained quite resilient in 2021, weathering a multitude of challenges throughout the year. Overall, it was a year of recovery, which is expected to continue into 2022,” Nedbank said in a research note this week.
On the domestic front, GDP growth of around 1.8% will support new vehicle sales, but a much higher and sustained economic growth will be required to move sales to a higher plane altogether, the bank said. “The threat of the coronavirus, load shedding and unemployment remains the most significant downside risks to the rebound in sales. The obstacles presented by supply chain issues, high logistical costs and the semi-conductor shortage are expected to persist, the extent of which depends on the highly uncertain trajectory of the virus across the globe.
“A glimmer of hope, specifically to export volumes, include the introduction of new model introductions as well as a robust global recovery.” Motorists will also grapple with increasingly more expensive cars, with experts recommending that you shouldn’t spend more than a quarter of your monthly income on vehicle-related costs. So, if you are earning R20,000 per month, your total vehicle expenses should not exceed R5,000.
Fact. European cars are priced at R21 to the Euro, what it was last year. The Euro is now R17 something. Think prices came down? And the moment it weakens again, prices will go up. Even though they are at R21/Euro already. We are getting screwed.
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