Share

The most expensive way to buy a car

accreditation
Johannesburg - One of the biggest mistakes consumers make is to buy a car on residual, according to National Debt Mediation Association (NDMA) CEO Magauta Mphahlele.

“That is the most expensive way to buy a car and we discourage consumers from buying a car on residual”.

She explained that what often happens is that at the end of the loan term consumers need to have a lump sum to pay for the residual.

“If you don’t have the lump sum the credit provider will offer to re-finance that lump sum which means that you could be paying for that car for seven or eight years.”

Mphahlele said the NDMA consumers who are indebted don’t qualify for re-finance, which means the car will be taken.  

Listen to what advice she has to offer:



 - Fin24
 
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.93
-0.2%
Rand - Pound
23.90
-0.0%
Rand - Euro
20.44
+0.1%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.1%
Platinum
906.59
+1.1%
Palladium
1,012.66
+1.1%
Gold
2,221.55
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders