{"id":183363,"date":"2017-07-04T09:10:14","date_gmt":"2017-07-04T07:10:14","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=183363"},"modified":"2017-07-04T09:10:14","modified_gmt":"2017-07-04T07:10:14","slug":"the-average-value-of-a-new-car-financed-in-sa-hits-r300000-for-the-first-time","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/motoring\/183363\/the-average-value-of-a-new-car-financed-in-sa-hits-r300000-for-the-first-time\/","title":{"rendered":"The average value of a new car financed in SA hits R300,000 for the first time"},"content":{"rendered":"

Vehicle finance group, WesBank, says that the average vehicle financed through the group during June topped R300,000 for the first time.<\/p>\n

The group was commenting on the latest vehicle sales figures for the month of June released by the department of trade and industry which showed that aggregate new vehicle sales at 45,369 units had increased by 418 units or 0.9% from the 44,951 vehicles sold in June last year.<\/p>\n

Sales of all new vehicles in the first half of 2017 reached 269,006 \u2014\u00a0 1.3% short of the 272,568 figure in 2016. Cars were down 2.3%, from 180,638 to 176,557, the department said.<\/p>\n

WesBank reported that average new car financed last month hit R300,181, almost R10,000 more than the R291,599 figure of a year ago, while the average used-car deal reached R202,000.<\/p>\n

WesBank said that a high number of clients are migrating from new to used vehicles, with the number of consumers seeking a fixed interest rate rising sharply to 63%.<\/p>\n

The top three selling passenger vehicles were the VW Polo, the Polo Vivo, and the Toyota Fortuner.<\/p>\n

\"VW<\/a><\/p>\n

In the pick-up section, the Ford Ranger outsold the Toyota Hilux for the first time in months, with the Isuzu KB trailing behind in third.<\/p>\n

\"\"<\/a><\/p>\n

The National Association Of Automobile Manufacturers of South Africa (Naamsa), said that outlook for the second half of the year remained uncertain.<\/p>\n

“Political tensions and subdued economic growth prospects continued to impact negatively on business confidence and consumer sentiment. The challenges confronting South Africa were varied and complex.”<\/p>\n

It noted that domestic new vehicle sales were closely correlated with the overall performance of the economy and confidence levels.<\/p>\n

“At this stage, domestic new vehicle sales for 2017 were likely to remain flat at best.”<\/p>\n

\n

Read: South Africans turn to used VWs and Toyotas as economy bites<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Vehicle finance group, WesBank, says that the average vehicle financed through the group during June topped R300,000 for the first time.<\/p>\n","protected":false},"author":10,"featured_media":183379,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11119],"tags":[26,6619],"class_list":["post-183363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-motoring","tag-headline","tag-wesbank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/183363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=183363"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/183363\/revisions"}],"predecessor-version":[{"id":183395,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/183363\/revisions\/183395"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/183379"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=183363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=183363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=183363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}