The cost of owning, maintaining, and keeping a vehicle on the road in South Africa has increased by nearly 33% since 2018, a Wesbank analysis shows.South Africa’s Reserve Bank has increased interest rates to try and curb rising inflation, which is, in part, driven by higher fuel prices.
On average, South African motorists pay R2,514.91 more per month to keep a car on the road than in 2018. The increases break down as follows:Average monthly insurance — R277.92 higher Wesbank said the lasting effects of the Covid–19 pandemic on the automotive industry are still being felt. “While 2022 has seen the country slowly returning to some sort of normalcy, the trend is that people are holding onto their current car for longer,” Wesbank noted.
It said that with more workers returning to offices, people have to use their vehicles more often than in the past two years, increasing wear and tear costs.
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