High cost of car ownership keeps 1.9 million car finance holders stagnant
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GUEST - Andrew Fulton, Director at Eighty20.
There are approximately 12 million registered motor vehicles in South Africa. But when excluding light and heavy delivery trucks, taxis and motor-cycles, fewer than one in five adults have a personal vehicle. There are roughly 8 million motor cars and station wagons, as measured by eNaTIS, but not all are owned by private individuals.
According to NAAMSA, new passenger vehicle sales have been declining, with 2023 showing 347 695 units sold, which is a decrease of 4.4% compared to 2022 which had 363 692 units sold. A difference of nearly 16,000 cars. The trend has continued into 2024, with year-to-date new sales by April down by 5.1% year-on-year. Eighty20, South Africa’s leading consumer insights and data science firm, provides interesting insights into the decline in passenger vehicle sales.
There are approximately 12 million registered motor vehicles in South Africa. But when excluding light and heavy delivery trucks, taxis and motor-cycles, fewer than one in five adults have a personal vehicle. There are roughly 8 million motor cars and station wagons, as measured by eNaTIS, but not all are owned by private individuals.
According to NAAMSA, new passenger vehicle sales have been declining, with 2023 showing 347 695 units sold, which is a decrease of 4.4% compared to 2022 which had 363 692 units sold. A difference of nearly 16,000 cars. The trend has continued into 2024, with year-to-date new sales by April down by 5.1% year-on-year. Eighty20, South Africa’s leading consumer insights and data science firm, provides interesting insights into the decline in passenger vehicle sales.