There are only a handful of cars right now that are priced under R200,000 in South Africa.
There are now only seven passenger vehicles that retail for under R200,000 in South Africa, as cars have either been discontinued or seen notable price increases over the years.
This has created a cost-of-living crisis in the country, as food, petrol, and electricity have become notably more expensive – making the cost of borrowing less attainable for many South Africans. In Capitec’s latest financial results, the bank flagged these challenges, recording a massive 80% increase in credit impairments, which amounted to R6.3 billion. The bank attributed the rise in credit impairments to borrowers facing difficulties in repaying various loans, including vehicle finance.
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