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While many of us would be over the moon to have a Beamer parked out front, the reality is that fewer and fewer South Africa ns can afford to invest in high-end vehicles. Luxury manufacturers, including BMW , Mercedes-Benz and Audi , admit they’re starting to feel the pinch as more consumers opt out of purchasing luxury vehicles due to financial strain. In addition, new Chinese -manufactured cars on the market have pushed consumers to forgo big brands in favour of cheaper offerings.
In light of these high ratios of debt-to-income, the National Automobile Dealers Association has noted a trend of consumers downsizing and turning to the growing number of Asian brands, particularly Chinese brands, that are flooding vehicle markets with cheaply made, affordable transport options. Over the past four years, popular Chinese brands like BAIC, Beijing, Chery, GWM, Haval, Jaecoo, and Omoda have surged from 7611 in 2020 to 30 850 in 2023, marking an impressive 305% increase.
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