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South African Car Market Under Pressure Due to Fuel Hikes and Economic Challenges

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Transunion,Vehicle Pricing Index,South African Car Market

TransUnion's latest Vehicle Pricing Index (VPI) reveals that the South African car market is facing sustained pressure in Q3 2023 due to fuel hikes, inflation, economic challenges, and load-shedding. Slower demand and tightening credit supply have led to a decrease in financial agreement volumes for passenger vehicles. The negative sentiment has made it difficult for industry players to generate demand for both new and used vehicles.

TransUnion has released its latest Vehicle Pricing Index (VPI), showing that the South African car market is under sustained pressure in the third quarter of 2023 as the effects of fuel hikes, inflation, challenging economic conditions and load-shedding took their toll. The index measures the relationship between the increase in vehicle pricing for new and used vehicles from a basket of passenger vehicles incorporating 15 top-volume manufacturers.

According to data from TransUnion, the South African vehicle market faced significant challenges due to slower demand and tightening credit supply. Total financial agreement volumes in passenger vehicles decreased by over 8.4% from Q3 2022 to Q3 2023. This decline is attributed to low economic growth, frequent power cuts, and decreasing disposable incomes. This negative sentiment has made it difficult for industry players to generate demand for vehicles – new and used

 

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