Here's why South Africans are struggling to trade in their cars | BISouthAfrica
The new Ford Ranger. CMH, which owns Ford dealerships, says the carmaker saw a 18% fall in its market share over the past year, mainly due to supply problems.
This also has a negative impact on dealerships, says Combined Motor Holdings in its latest results announcement. South African are being forced to keep their cars due to longer-term loans and balloon payments – and when they can eventually trade in their vehicles for a newer model, dealers aren’t that keen to accept trade-ins.latest set of resultsCMH owns more than 70 dealerships for - among others - Ford, Nissan, Renault, Toyota, Honda, Jaguar, Land Rover, and Volvo vehicles.
Dealers are clearly not as keen to take on these trade-ins - which is bad news for South African car owners, who have come to rely on"trade-in" deals.“The lack of trade-ins has forced dealers to source inventory in the open market where retained margins are lower.”While car sales have fallen in South Africa over the past year, CMH saw a small increase of 1.9% in sales volumes.
Ford was left damaged by the Kuga engine fire crisis in 2017, which resulted in a recall of thousands of cars.
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