'Used-car sales are booming, but the bubble will soon burst'
Clarence Ford interviews George Mienie, CEO of AutoTrader, and Kate Elliott, CEO of Right to Repair.
South Africans are increasingly finding it hard to afford a car, never mind keeping up with the expenses of owning one.
As cash-strapped motorists skimp on upkeep, they may find themselves in even bigger trouble because of our roads - which aren't in nearly a good condition as they should be, and may soon get even worse.
If you can’t pay for bread and milk… you’re going to skip on [vehicle] maintenance… Older cars are more dangerous…Kate Elliott, CEO - Right to Repair
With interest rates expected to rise considerably, buying a new car may not be a priority for most people.
As a result, the used-car market is booming, and prices are skyrocketing in response.
We know what people are shopping for… We’ve seen a very buoyant used-car market… Consumers are still buying cars…George Mienie, CEO - AutoTrader
Mienie does not expect the current market conditions to last much longer than a year.
I think this used car bubble might burst in about 12 months... Prices of used cars will begin to fall…George Mienie, CEO - AutoTrader
The average age of a vehicle listed by AutoTrader is five years.
The company has seen a reduction in listings of late as people hold on to their cars for longer.
Ford interviewed Mienie and Elliott – scroll up to listen.
Source : https://www.123rf.com/photo_57647318_young-hipster-friends-on-road-trip-on-a-summers-day-engine-break-down-two-girls-pushing-a-vintage-ca.html?term=old%2Bcar&vti=mne0ubd81ef3hn3t50-1-61