New car sales are often a prime indicator of how the economy is doing. Figures from the National Association of Automobile Manufacturers of SA show that August sales dropped 8.2% compared to the same month last year.
Economists say the rate of decline could double by the end of the year!
This news also comes as a blow to consumers who are dealing with the weakening Rand and potential price increases.
Mandy Wiener spoke to personal finance expert and author, Maya Fischer French, about how consumers can spend wisely in the tough economic conditions.
Maya advises consumers to look at the cars they drive and check whether they can afford them. She suggested holding on to your car for longer and get to a point where it is paid off, as that extra cash could come in handy in future.
Listen to the full conversation below:
This article first appeared on 702 : Personal finance expert gives advice on spending money wisely