TODAY OUR GUEST IS Motoring enthusiast Jacob Moshokea. With interest rates currently at a record low, one might assume that vehicle owners would have more money in their pockets.
But that is not the case because of the financial strain many consumers have been placed under due to the country’s various lockdown levels.
This includes managing the actual cost of vehicle ownership within a total monthly household budget.
Vehicle prices continue to rise, with the TransUnion SA Vehicle Pricing Index for the latter part of 2020 indicating an increase in the costs of both new and used vehicles.
In January this year, the average value of a new vehicle financed through WesBank was R358,390 compared to January 2020 when the figure stood at R327,723.