{"id":596886,"date":"2022-06-18T17:28:25","date_gmt":"2022-06-18T15:28:25","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=596886"},"modified":"2022-06-17T14:40:16","modified_gmt":"2022-06-17T12:40:16","slug":"south-africans-are-paying-more-for-cars-in-2022-heres-what-r500000-r600000-buys-you","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/motoring\/596886\/south-africans-are-paying-more-for-cars-in-2022-heres-what-r500000-r600000-buys-you\/","title":{"rendered":"South Africans are paying more for cars in right now – here’s what R500,000 to R600,000 buys you"},"content":{"rendered":"

South Africans are paying more for used and new vehicles in 2022 than they ever have in the past four years, says Absa’s latest Vehicle and Asset Finance Consumer Insights.<\/p>\n

The latest report written in partnership with the National Association of Automobile Manufacturers of South Africa (Naamsa) shows that the number people applying for vehicle finance has increased.<\/p>\n

The most popular amount to finance a used vehicle is between R200,000 and R300,000<\/strong>.<\/p>\n

Absa’s report noted that 18% fewer people are seeking loan amounts of between R0 and R200,000 to fund the purchase of a used vehicle compared to 2019 when 60% of all applications were sought between that range.<\/p>\n

The lender said that for new cars, the typical application amount is between\u00a0R300,000 and R600,000<\/strong>. It added that the R500,000 to R600,000 <\/strong>bracket saw the most significant growth over the past year.<\/p>\n

Absa said that Japanese and South Korean brands dominated new sales purchases, showing a 33 percentage point increase in sales since 2019.<\/p>\n

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Consumers have not only adjusted how much they wish to spend on a car, but have also altered their brand preference, the lender said.<\/p>\n

According to Absa, fewer people are buying European or US-branded vehicles, in favour of Japanese, South Korean, Chinese and Indian brands. This is particularly noticeable in the new segment.<\/p>\n

“Approximately 60% of consumers financing used cars prefer Europe\/USA brands, and this preference has remained mainly unchanged within this market, however within the new vehicles market, consumers are beginning to show a slightly stronger preference for Japan\/South Korea brands – over 50% in 2022,” said Absa.<\/p>\n

BusinessTech looked at some of the cars you can buy within the financing bracket of R500,000 to R600,000:<\/p>\n

Note: Base models starting above R500,000 and under R600,000 were chosen over configurations from other brands. For example, the Toyota C-HR does not appear as its base model costs R424,800, despite its top-of-the-range version being R549,000.<\/em><\/p>\n

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Audi Q2 35TFSI\u00a0 <\/strong>\u00a0– R587,300<\/a><\/p>\n

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Audi A3 Sportback 35TFSI –\u00a0<\/strong> R590,300<\/a><\/p>\n

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Citroen C5 Aircross Feel –\u00a0<\/strong>R574,900<\/a><\/p>\n

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Ford Everest –\u00a0<\/strong>R588,300<\/a><\/p>\n

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Honda CR-V – <\/strong>R573,900<\/a><\/p>\n

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Hyundai Tucson – <\/strong>R569,900<\/a><\/p>\n

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MINI Clubman –\u00a0<\/strong>R516,000<\/a><\/p>\n

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Mitsubishi Outlander –\u00a0<\/strong>R571,995<\/a><\/p>\n

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Opel Grandland X –\u00a0<\/a><\/b>R522,900<\/a><\/p>\n

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Peugeot 3008 –\u00a0<\/strong>R544,900<\/a><\/p>\n

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Volkswagen Tiguan – From <\/strong>R547,900<\/a><\/p>\n

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Nissan Navara – From R509,500<\/a><\/strong><\/p>\n

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Read: <\/strong>N3 highway closures in June \u2013 dates and times to be aware of<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A recent report from Absa and Naamsa reveals how much South Africans are asking for to purchase a new or used vehicle in 2022.<\/p>\n","protected":false},"author":10,"featured_media":597394,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11119],"tags":[29,26,10421],"class_list":["post-596886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-motoring","tag-absa","tag-headline","tag-naamsa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/596886","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=596886"}],"version-history":[{"count":29,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/596886\/revisions"}],"predecessor-version":[{"id":598030,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/596886\/revisions\/598030"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/597394"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=596886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=596886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=596886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}