Shock increase in driving costs to hit South Africa - here's how much you could pay
However, getting back on the road and having to manage the actual costs of vehicle ownership now also need to be factored into what is for many an already constrained budget, says vehicle financing group Wesbank.
This has led to South African motorists seeking affordability as a key consideration in the vehicle purchase decision, Gaoaketse said. This can be better illustrated by analysing the total cost of ownership figures for the five years from 2017 to 2021. The figures indicate that a vehicle owner in 2021 was paying on average R1,000 more per month than in 2017 to own and maintain a car.
The monthly cost of the vehicle ownership basket, comprising instalments, fuel, insurance and maintenance costs, hasas a result of increases in interest rates and fuel costs.14.97% higher than five years ago, when the monthly cost averaged R6,711.24 in 2017In 2021, vehicle instalments and fuel spending remained the largest portions of the basket, accounting for 79% of the monthly spending.
These costs are reflected in the WesBank Mobility Calculator, a tool that tracks and calculates motoring expenses. With vehicles being driven less during the lockdown period since March 2020, the average fuel spend is down 3.14% in 2021 from R2,732 in 2019. However, this does not mean the overall cost of motoring is lower.
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