New data shows that consumers are holding onto their cars for longer, combatting South African motorist\u2019s affordability challenge.<\/p>\n
This is according to Ghana Msibi, WesBank executive head of Sales and Marketing, who noted that while market numbers are down, consumer demand appears to remain robust.<\/p>\n
Considering WesBank application data, consumers are clearly keen to buy cars, said Msibi.<\/p>\n
“However, a lot of that demand has shifted to the used car market (69% of all applications were for used cars), indicative of the stress in the new car market as well as the worsening household situation with regard to disposable income and general affordability.\u201d<\/p>\n
“While consumers have consistently financed their cars near the maximum period allowed for the past two years, the average period before settlement of those contracts has increased by six months,” said Msibi.<\/p>\n
Despite the clear buying demand for cheaper and used cars, South Africans have also shown a clear interest in newer luxury SUVs.<\/p>\n
There are currently a number of luxury options available to the South African market including brands such as Lamborghini, Porsche and Bentley.<\/p>\n
BusinessTech looked at seven of the most luxurious SUVs available in the country right now.<\/p>\n
Maserati Levante S from R1,950,000<\/strong><\/p>\n BMW X6 M from R2,054,457<\/strong><\/p>\n Porsche Cayenne turbo from R2,158,000<\/strong><\/p>\n Mercedes-AMG GLE63 S coupe from R 2,267,127<\/strong><\/p>\n Lamborghini Urus from R3,495,000<\/strong><\/p>\n Land Rover Range Rover L SVAutobiography Supercharged from R4,167,211<\/strong><\/p>\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2018\/10\/Maserati-Levante1-e1540297270101.png\")
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