In 2023, Wesbank received over 826 000 vehicle finance applications from South Africans aged 35 and younger.
The firm reports that in 2021 it received 722 505 vehicle finance applications from millennials and Gen-Z. That figure rose to 806 458 in 2022 and 826 088 in 2023 and to Wesbank, that means youngsters want to own a car. Of course, that cost doesn’t mean much as most people are financing a vehicle which means that with interest, the total cost of ownership is far higher than the price tag. Add to that the monthly cost of insurance, fuel and maintenance and a vehicle becomes an unaffordable cost for many.how a car that may have an installment of R4 000 per month can end up costing closer to R8 000 per month once all fees and sundry are accounted for.
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Source: TheSAnews - 🏆 25. / 59 Read more »