For the South African automotive industry – and in particular for the brands imported into Mzansi – the next few months will be quite important. The coronavirus has altered the economic environment of the country not only because the economy has stagnated, and income and employment are scarce, but because it has been weakened by rating agencies, which sent Rand ‘s value into freefall, as the country’s credit rating is declined to sub-investment (or waste). In the short to medium term, an economic transition would therefore be incredibly difficult to achieve.
If we concentrate only on the car market, dealers may have made quick sales and secure financing for potential customers, but because the locks were implemented no vehicle deliveries were possible. There is no question that customers may have been window-shopping to avoid boredom however, many shoppers will also expect to save money so they can make way for harder times.
But for car buyers, it may be positive news. As soon as the corona virus started keeping customers out of showrooms, car manufacturers announced incentives for new customers and relief for existing customers. It is easier for you to secure a carmaker without an interest loan than ever when you get a good credit. There are also regular offers to delay payments on both new and current loans.
So, if you are looking for a new or used car get in touch with us at Surf4Cars and we will help find you a car most suitable for you!