Buy now, because car prices are set to spike
Rand weakness means possible double-digit price hikes await buyers in the coming months
If you were thinking of buying a new car now that dealers have reopened their doors, it’s better to do it sooner than later as prices are set to spike.
The rand has plummeted in value since the beginning of the year, which will force local manufacturers and importers to raise new-vehicle prices in the coming months. Since January the local currency has dropped from R14 to R18.30 against the dollar (-23.5%), from R18.50 to R22.50 (-18%) against the pound, and from R15.70 to R20 (-22%) against the euro...