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Johannesburg - South Africa's biggest vehicle financier, Wesbank, said on Tuesday that about 65% of its buyers chose to fix their interest rates, sending a clear message that buyers need stability and are affected by the central bank policy on rates.
"This is not unusual in times of high interest rates," said WesBank CEO Brian Riley.
He was commenting on the November vehicle sales data, which showed that the new car market fell to the weakest level in two and half years. Total vehicle sales fell nearly 14% in the last month, driven by a 15.7% slump in the passenger car market.
"It's evident that the interest rate hikes are continuing to have an impact on consumers and correspondingly on vehicle sales," said Riley.
When reflecting on the new versus used trend, the ratio, which was 1:1 a year ago, has shifted marginally.
"Today we note that the percentage of used vehicles sold is slightly higher than that of new vehicles, mainly due to fewer new vehicles being sold," he said.
- I-Net Bridge