Why South Africans are holding onto their cars right now

[BusinessTech]

Why South Africans are holding onto their cars right now

South Africa's new and pre-owned market will continue to be constrained in supply due to multiple factors, says Mark Dommisse, chairperson of the National Automobile Dealers’ Association (NADA).

 

[chrisc]

I want to buy an electric VW. They haven't come out yet. This is the only reason

 

[Craig_]

Because the prices of both new and second hand cars are too crazy, I refuse to pay the kind of money asked for cars currently, especially bakkies.

 

[GrootVoet]

With COVID started WFH. Last 18 months I did 5 000 km of which 2 000 km was for a holiday.

Why should I pay thousands every month for something parked, sometimes days without being used?

 

[Supervan II]

With COVID started WFH. Last 18 months I did 5 000 km of which 2 000 km was for a holiday.

Why should I pay thousands every month for something parked, sometimes days without being used?

LOL, used less than 5K km in my own car since 2012.

Whenever I've worked since then it was either in Jhb (rental) or local (company car/bakkie)

 

[Dan C]

 

[zulucat]

My 2014 Volvo V40 is approaching 150 000 km on the clock. I just love that car even when I had a chance to get a very good deal on another car... I couldn't bring myself to letting go of my paid up car that still runs as new. ... Buying a brand new car was one of my worst financial decisions so I will hold on to my bad decision for a little while longer!

 

[KleinBoontjie]

2nd hand market is crazy. I saw 2nd hand cars, selling on dealers sites, for more than a new model. Aren't they supposed to depreciate in value?

 

[rvZA]

Inflation.

I will hang onto my vehicle for the next 50 years if I need to. In no rush to spend money on buying a new vehicle. I would rather put that monthly premiums on a new vehicle in offshore markets and one when I retire and move abroad, I will buy a reasonably priced brand new vehicle abroad.

 

[Supervan II]

Just bought a new car. My new Kalahari Ferrari Model Toilet

Runs on natural gas
Gets 50km per tin of baked beans
No back-seat drivers
Cheap to maintain

 

[Deandbn]

I've had my car for 10 years now and it still goes like new with 90,000km on it..
Also, current prices are rediculous.. So won't be changing anytime soon.

 

[supersunbird]

My car is 9 years old. I want to by a newer car but the prices went crazy.

 

[Paul_S]

My car is 9 years old. I want to by a newer car but the prices went crazy.

Same here. My 11 year old car has 210 000km on it and my wife's 18 year old car has 177 000km on it. The price of new vehicles or decent second hand stock is just insane so we'll keep driving and fixing them as long as we can.

I'm not going to throw R10000/month at a depreciating asset.