BUSINESS MAVERICK 168: Here’s how to steer clear of a debt crash when buying a second-hand car

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ARCHIVES: As the cost of living continues to pinch and fuel costs soar, you may be looking to downgrade your car to something more affordable. Before you venture into the second-hand car market, here’s what you need to know:

According to Experian’s Q1 Consumer Default Index for 2021, while home loans and retail loans have shown an improvement, car loans have deteriorated by a substantial margin, from 3.67% in March 2020 to 4.10% in March this year in terms of outstanding debt.

Sell now to scale down: Sell your car and scale down to alleviate the financial pressure, saving any surplus for a future deposit or using it to settle other debts. Book value/blue book value: Dealers may talk of the blue book value – this is the industry-accepted dealer valuation book by TransUnion on which they will base their price.

However, he says rejuvenation of rental fleets, progress in SA’s vaccination roll-out programme and revitalisation of the economy in general are all expected to contribute towards building the SA motor industry.Numbers from TransUnion show that South Africans financed about 79,000 used vehicles in the first three months of the year, with lenders financing 2.41 used vehicles for every new vehicle.

 

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