The economy might be in reverse, but that didn’t seem to scare off consumer appetites for new wheels or financing – at the end of last year, at least. Q1 of 2023, by all accounts, is going to paint a rather different picture.
TransUnion says the number of financial agreements in the passenger vehicle market in Q4 increased by 1.5% year-on-year, with 13% more new vehicle deals and 3.4% fewer used vehicle deals sealed. Kriben Reddy, vice president of auto information solutions at TransUnion Africa, said the number of financial agreements in the passenger vehicle market in Q4 had increased by 1.5% YoY, but warned that negative GDP growth from Q3 and low consumer confidence suggest that a slowdown in demand is imminent.“Deteriorating credit health is a leading indicator for a challenging trading environment for retailers and lenders.
Meanwhile, Q4 sales data from Naamsa indicate a 16% increase YoY, which is up only 0.1% on Q3, which it says suggests greater economic pressure on the new vehicle market as well as supply chain disruptions.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Motor industry alarmed by lack of spark on electric vehicle policyNaamsa calls urgent meeting on how SA should move forward with or without government support
Source: BDliveSA - 🏆 12. / 63 Read more »
Motor industry alarmed by lack of spark on electric vehicle policyNaamsa calls urgent meeting on how SA should move forward with or without government support We have no bright sparks in government, let alone any spark with the crises at Eskom.
Source: BDliveSA - 🏆 12. / 63 Read more »