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Vehicle prices are skyrocketing – but sales indicate nascent economic recovery

13 May 2021 12:46 PM
Tags:
Economy
Motoring
car finance
Refilwe Moloto
vehicle finance
vehicle sales
new vehicle sales
Breakfast with Refilwe Moloto
TransUnion Africa
preowned cars
Kriben Reddy

Refilwe Moloto interviews Kriben Reddy, Vice President of Auto Information Solutions at TransUnion Africa.

New car prices rose by 8.8% in the first quarter of 2021 (year-on-year), according to TransUnion.

You’re certainly going to be paying higher prices… [but] brands will be offering discounts...

Kriben Reddy, Vice President of Auto Information Solutions - TransUnion Africa

Preowned car prices rose by 3.7%, the first increase in real terms since 2010.

We don’t import used vehicles… When stocks dry up, like now, dealers pay higher prices for good stock… You can get a higher trade-in value than a year ago…

Kriben Reddy, Vice President of Auto Information Solutions - TransUnion Africa

The number of car financing agreements rose by 3% while financing for preowned vehicles rose by 7.4%.

Right now, credit providers are financing 2.4 preowned vehicles for every new one.

Vehicle exports rose 4%.

Refilwe Moloto interviewed Kriben Reddy, Vice President of Auto Information Solutions at TransUnion Africa.

Image credit: prostooleh (123rf)

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The bulk [of preowned sales] is one and two-year-old vehicles… A lot of consumers haven’t been using their vehicles much…

Kriben Reddy, Vice President of Auto Information Solutions - TransUnion Africa

Sales in 2020… we lost 30% of new vehicle sales… We saw a rebound in Q1… But in April, there was a decline…

Kriben Reddy, Vice President of Auto Information Solutions - TransUnion Africa

Listen to the interview in the audio below.




13 May 2021 12:46 PM
Tags:
Economy
Motoring
car finance
Refilwe Moloto
vehicle finance
vehicle sales
new vehicle sales
Breakfast with Refilwe Moloto
TransUnion Africa
preowned cars
Kriben Reddy

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