2018 Motoring Costs Highest to Date

Scan_Pay_Advertise_iloveza.com_2022

The average costs of motoring have increased by approximately R940, or 14% in the last year, and 31% since 2013 according to the latest data from WesBank.

WesBank Cost of Mobility Basket
Image Supplied by WesBank

 

Despite prevailing interest rates remaining at low levels and favourable vehicle price inflation, the rising cost of petrol and an increase in VAT from 14% to 15% have resulted in higher overall costs when looking at the total monthly cost of motoring. Vehicle instalments and fuel spend remain the biggest components, accounting for 80% of monthly mobility spend.

These costs are reflected by the WesBank Mobility Calculator, a tool the bank uses to track and calculate historic motoring costs. The total mobility basket comprises all fees that are involved with vehicle ownership: a monthly instalment, the insurance premium, fuel and maintenance. Over time, these costs are updated to reflect prevalent inflation rates and fuel prices, with the sample vehicle price based on an average entry-level car that travels approximately 2500km per month.

“The past year has been a rollercoaster ride with drastic fuel price fluctuations making it difficult for consumers to keep track of monthly budgets,”

says Ghana Msibi, Executive Head of Sales and Marketing, WesBank.

“As a rule, we generally advise motorists to allow some breathing room in their budgets to help absorb these changing costs.”

WesBank’s data also indicates that the change in vehicle price inflation for new vehicles has had a favourable effect on purchase prices. In July this year, WesBank’s average new vehicle financed deal was only 1.43% higher than the same time last year at R307 445, while the average used vehicle finance deal is 6.9% higher than that of last year at R216 309. 

“International oil prices and local exchange rates continue to play a direct role in the monthly budgets for motorists, in both fuel and vehicle prices,”

said Msibi.

“Although manufacturers are offering attractive marketing incentives to lure customers into dealerships, consumers still have to spend more on vehicles, fuel, insurance and maintenance than ever before.”

About WesBank:

WesBank is the acknowledged leader in Vehicle and Asset finance. The WesBank Group is an international company with successful operations throughout Africa as well as the UK, offering Vehicle and Asset Finance, Full Maintenance Leases, Value-Added Insurance Products and personal credit solutions. With more than four decades of expertise and $15 billion in assets, WesBank is the partner of choice for over 80 leading international brands in fields such as original equipment manufacturers (OEMs) and insurance providers.

iloveza.com is an award-winning Digital Media, Marketing, and Advertising Company est. 2015, is a Member of the Independent Media Association of South Africa (IMASA), and Brand South Africa's Play Your Part Ambassadors, with a global reach of over 10 million

E-mail howzit@iloveza.com to take your brand/business to the next level

Like What You've Read ? Be an Anonymous Angel 
CLICK HERE for the latest Tech News
CLICK HERE for the latest News & Trends
Follow @letstorqueza
 
Keep up to date with all that is happening in South Africa
Subscribe to our Newsletter

Follow @ilovezacom on
 #iloveza❤️🇿🇦 #AfterFajrGrind

iloveza.com Accolades:

2021 Winner of Brand South Africa's Nation Pride Play Your Part Award

2018 Winner of Tech Savvy Boss Award at the Roshgold Young Business Achiever Award
 

Nabihah Plaatjes Accolades:

2023 CEO of the Independent Media Association of South Africa (IMASA)

2018 Contributing Author to SAFFRON: A Collection of Personal Narratives

2017 Recipient of Owami Women & Brand South Africa's Play Your Part Award


Ziyaad Plaatjes Accolades:

2021 Mail & Guardian Top 200 Young South Africans: Arts, Entertainment, Film & Media 

2020 Contributing Author to There's a Story in Everyone


Trending Posts