High interest rate, inflation limit new vehicle sales

JOHANNESBURG - High interest rates, stubborn inflation and lower incomes continue to restrict new vehicle sales.

That is the word from vehicle financier, Wesbank.

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It says it saw an increase in applications, but those did not translate to sales.

There was however an increase in applications for used vehicles, at double the rate of new vehicle applications.

Wesbank believes this is because people are prioritising alternative energy solutions, rather than new vehicles.