The latest aggregated sales data from the National Association of Automobile Manufacturers of South Africa (Naamsa) show that the decline in new vehicle sales continued in November. A total of 46 413 vehicles were sold last month, a year-on-year decline of 9.6%. Year-to-date, new vehicle sales are now down 11% compared to WesBank's forecast of a 12% decline for the year. Passenger car sales through the dealer channel, which is representative of consumer activity, fell 13.8% in November. … [Read more...] about Ray of Light amidst new vehicle sales decline
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Sales of new cars continues downward trend
South Africa's new vehicle sales market continued deteriorating in October 2016. The latest aggregated sales data from the National Association of Automobile Manufacturers of South Africa (Naamsa) show total industry sales of 48 745 new vehicles – a year-on-year decline of 10.1%. Year-to-date, the industry is down 11.2%, with sales of 459 486 new vehicles, compared to 517 152 new vehicles sold for the same period last year. Overall demand has slowed across all vehicle segments, with passenger … [Read more...] about Sales of new cars continues downward trend
On a long car journey never leave home without these essentials
Before you embark on your long journey make sure that your car is in a tip-top condition. If you travelling across South Africa or over our borders it is good idea to book a quick service to check that your brakes and shock absorbers are ready for the bumpy roads. Most of the time breakdowns are caused by minor problems that can be solved by having the right equipment in your car. Never leave home without: A charged cellphone, with your road-side assistance number on speed dial. … [Read more...] about On a long car journey never leave home without these essentials
What you need to know before driving across a border
Whether you're heading in or out of South Africa, being prepared for crossing a border will make your journey stress-free. WesBank has created a border-crossing guide just for you. Finding accommodation and planning which routes to take are part of the fun of going on holiday. After all, travel is about the journey, not just the destination. But all of that can come to a standstill if you've missed an important bit of paperwork such as a border letter. This is a letter that you need to … [Read more...] about What you need to know before driving across a border
Border-Crossing Preparation
For many people, their holiday excitement starts months before they actually hit the road. Planning accommodation, routes and stopovers are part of the fun, but everything can come crashing to a halt if you've missed a crucial bit of paperwork such as a border letter. "Even the best-made plans can be ruined if you've forgotten to get your border letter and certified copies of your vehicle registration," says Rudolf Mahoney, Head of Brand and Communications at WesBank. "We've made the process … [Read more...] about Border-Crossing Preparation
The best time to sell or trade in your car
With rising living costs from inflation and interest rate hikes, to increasing fuel costs – many consumers are starting to feel the financial pinch. Trading in or selling a car may seem like a risky thing to do, but there is an optimum time to sell a car before the car starts to cost you more money than it is worth. Consumers struck by the raft of increases coming from all directions might have started thinking of selling their existing car to move into something more affordable. A cheaper … [Read more...] about The best time to sell or trade in your car
July New Car Sales Plunge to biggest low
South Africa's new vehicle industry saw sales plummet 17% this past month, according to the latest aggregated sales figures from the National Association of Automobile Manufacturers of South Africa (Naamsa). In total, only 44 883 new vehicles were sold in July 2016, a decline of 9 222 vehicles compared to the same period last year. "This is the biggest sales decline since 2009, at the height of the global economic recession," said Simphiwe Nghona, CEO of WesBank Motor Retail. "Despite the … [Read more...] about July New Car Sales Plunge to biggest low
Tips to Financial Fitness
Being financially fit has many benefits, least of all making it easier for you to qualify for credit. However, many of South African's don't maintain healthy financial profiles, making it more difficult for them to qualify for credit when they really need it. Your financial wellness is measured by a number of factors, so the more you work at being financially fit, the better your results. Financial fitness can be likened to being physically fit - a process that involves several things like … [Read more...] about Tips to Financial Fitness
Dramatic fall in Car Sales
Public holidays in March had a major impact on new vehicle sales. The consolidated sales data from the National Association of Automobile Manufacturers of South Africa (Naamsa) reports that new vehicle sales plummeted 14%, year-on-year, with only 47 631 new vehicles being sold. Both passenger car and light commercial vehicle (LCV) sales fell dramatically, with respective year-on-year declines of 13.4% and 14%. Sales through the dealer channel were down 18%, year-on-year. Sales through the … [Read more...] about Dramatic fall in Car Sales
Should you or should you not buy that car this month?
With 2016 looming, many car buyers have resorted to delaying their car purchases for the sake of having a car registered in the new year. This exercise is not uncommon, but it does have its drawbacks. Often a car purchased in January will have been subject to a price increase meaning your decision to delay could hit you where it hurts most – your pocket. And it may require careful budgeting to ensure you can keep up with the monthly instalments. But if you are replacing your current car in … [Read more...] about Should you or should you not buy that car this month?
Uptick in November’s New Vehicle Sales
New vehicle sales improved for the first time since February 2015, this November. According to the latest consolidated sales data from the National Association of Automobile Manufacturers of South Africa (Naamsa) industry sales totaled 51 256 vehicles – representing year-on-year growth of 0.4%. Sales through the dealer channel grew 7.9%, year-on-year, on the back of new vehicle launches, marketing incentives that and innovative finance deals. The rental channel saw year-on-year growth of … [Read more...] about Uptick in November’s New Vehicle Sales
New Vehicle Sales predicted to decline further
The Reserve Bank has hiked the interest by 25 basis points, bringing the effective repo rate to 6.25%. The prime lending rate will change to 9.75%. The rate hike will affect buyers who have vehicle finance agreements structured around a linked interest rate. Interest on these loans will be recalculated, and account holders will be notified of the increase in their monthly instalment. "Although this increase is small, with a minor effect on the monthly instalment, buyers should not downplay … [Read more...] about New Vehicle Sales predicted to decline further
5 Car Auction Buying Tips
Have you watched reality TV shows about auctions and been inspired to perhaps give it a try? As a first-time bidder you should make sure you know a thing or two about cars to ensure you are getting a good deal. If you know a car expert, it is probably best that you take them along for the ride. Start by viewing all the cars that are on display the afternoon before, when auction venues allow for inspection of the cars. Once you have spotted the car you would like to drive off with, make sure … [Read more...] about 5 Car Auction Buying Tips
Economic Slowdown Negatively Impacts Car Sales
The slowdown in economic growth, combined with interest rate hikes, has negatively impacted South Africa's new vehicle sales. According to the latest figures from the National Association of Automobile Manufacturers of South Africa (Naamsa), sales of new vehicles during August declined 8.2%, year-on-year. A total of 51 055 new vehicles sold in August, compared to 55 610 in the same month last year. Passenger car sales declined 7.8%, year-on-year, with sales of 34 885. Light commercial vehicle … [Read more...] about Economic Slowdown Negatively Impacts Car Sales
Big Decline in New Car Sales
South Africa's new vehicle sales showed its largest decline of the year in July. According to the latest sales figures reported by the National Association of Automobile Manufacturers of South Africa (Naamsa), total market sales declined 6.1% last month. Of the 54 112 new vehicles that were sold in July, 36 506 were passenger cars – representing an 8.8%, year-on-year, decline for this segment. Light commercial vehicle (LCV) sales saw a marginal increase, with a total of 15 090 sales – a … [Read more...] about Big Decline in New Car Sales
