By now you would have read that July 2016 was a particularly tough month for South Africa’s new vehicle market, with sales plummeting some 17% year-on-year.
But tucked away near the bottom of WesBank’s analysis of the situation was a line that really caught our eye: “WesBank’s data shows that the average new vehicle being financed in July 2016 was 14.6% more expensive than in July 2015”.
Of course, new vehicle prices have risen sharply over the past few months, thanks to a variety of factors, but this is a staggeringly large percentage. So, we reached out to WesBank to find out exactly what the average price was then and is now.
According to South Africa’s largest financier of vehicles, the average deal price for a new vehicle in July 2015 was R256 143. In just one year, that number has mushroomed to R293 606.
Interestingly, the average deal price for a used vehicle climbed from R170 626 to R188 157 in the same period.
Take note that this information is pulled from data for private individuals financing cars and bakkies, and excludes fleet buyers, medium- and large-commercial vehicles, and the like.
Also read:
- SA’s 10 best-selling passenger cars of July 2016
- South Africa’s 10 best-selling bakkies of July 2016
- SA’s 14 worst-selling cars (under R500k) of July 2016
