Vehicle repossessions on the increase

[Currantly]

South Africans are struggling to keep up with their monthly expenses in the wake of a string of interest rate hikes that have seen steady and steep increases in loan instalments, leading to more people defaulting on debt repayment, especially with regard to home and vehicle financing.

This is evident in the number of vehicle owners defaulting on their car payments in the first Quarter of 2023, which is up by 4% Year-on-Year, according to the Experian Consumer Default Index (CDI) – amounting to an astronomical figure of R 4 billion. The Experian CDI is designed to measure the rolling default behaviour of South African consumers with Home Loans, Vehicle loans, Personal loans, Credit Cards, and Retail Loan accounts over three-month periods. Credit Bureau Transunion reports a 650 basis points increase in first-month defaults compared to the first quarter of 2022 in its Quarterly Overview of Consumer Credits Trends for Q1 2023.

Linky

 

[epah]

Yessssss Time to head over to the auction for my next whip.

 

[pinball wizard]

Yessssss Time to head over to the auction for my next whip.

I thought 320d's were a lifetime purchase?

 

[epah]

I thought 320d's were a lifetime purchase?

Some people might want a car in different colours other than Brown.

 

[pinball wizard]

Some people might want a car in different colours other than Brown.

Bronza!

 

[epah]

Bronza!

Thats what I put on my face.

 

[My_King]

Ja ne

 

[pinball wizard]

Thats what I put on my face.

Aren't you dark enough already?

 

[Grubscrew]

Yessssss Time to head over to the auction for my next whip.

Sadly, not that often that good deals come to the public. Somehow the dealers and traders mostly get them.

 

[epah]

Aren't you dark enough already?

You can never be too dark.

 

[Progenix Oj101]

You can never be too dark.

You can - you can be as dark as rvZA's outlook on life. It's not TOO dark, it's just IMPOSSIBLY dark.

It goes:

Normal black paint
Venta Black
Musou Black
rvZA's Outlook Black

 

[Jan van Riebeeckstad]

Looking for a low mileage 320D in silver.

 

[FiestaST]

No surprise bud, then you get people with “arguments” like this:

https://twitter.com/x/status/1691417872365486080

 

[FiestaST]

Words to follow by.

https://twitter.com/x/status/1612496369003991065

Thank me later.

*farts*

 

[Gtx Gaming]

GTI payment is 90% of NET

 

[Thugscub]

You can - you can be as dark as rvZA's outlook on life. It's not TOO dark, it's just IMPOSSIBLY dark.

It goes:

Normal black paint
Venta Black
Musou Black
rvZA's Outlook Black

You forgot.
Escom Black.

 

[rh1]

Words to follow by.

https://twitter.com/x/status/1612496369003991065

Thank me later.

*farts*

The problem is most cars at a certain price point cost more to keep running than anything else.

The advice should be to buy a decent low km car (even on finance) and try to keep it for at least 15 years. Save up to buy next car cash.

 

[FiestaST]

The problem is most cars at a certain price point cost more to keep running than anything else.

The advice should be to buy a decent low km car (even on finance) and try to keep it for at least 15 years. Save up to buy next car cash.

Fair point but that’s where having a little bit of financial savvy + a feasibility study is required.

IE. Run the numbers.