Pressure on household budgets evident in new vehicle sales drop
‘Those with an option to delay a purchase decision or opt for alternative mobility solutions are exiting the new-vehicle market,’ says WesBank
02 July 2024 - 07:51
It is no wonder that the new-vehicle market is in such a sorry state. Consumers simply cannot afford to buy, WesBank marketing head Lebo Gaoaketse has said.
Never mind that new-vehicle prices were estimated to have risen by 4.7% in the first quarter of this year. “Layer in the other inflationary costs of living to a consumer and you can imagine the pressure on household budgets. Those with an option to delay a purchase decision or opt for alternative mobility solutions, including e-hailing, sharing or the pre-owned market, are voting with their feet and exiting the new-vehicle market.”..
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