Dealers and banks must offer incentives to halt decline in car sales, says WesBank
Individual buyers are losing their appetite for major financial commitments in the current economic climate
Motor companies, their dealers and even banks may need to offer “enticing incentives”, in the form of price cuts and lower interest rates, to stem the continuing decline in new-vehicle sales, says WesBank marketing head Lebo Gaoaketse.
After six months of unbroken decline, there is no sign of an immediate reversal of fortunes. Motor industry analysts are almost unanimous in their view that any recovery won’t happen in the first half of 2024. Exactly when may depend on the timing of this year’s general election...
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