Cars Automotive

The banks have recently slowly started to extend more loans to consumers who have used the recent spate of low interest rate to clear their debt and establish a more solid financial foundation. Used car financing registrations increased with an average of 16% in the first two months of 2010, which was almost double that compared to the new car market. And with zero inflation in the new car market buyers are choosing “nearly new” over brand new. The largest demand has been in the R50 000 to R150 000 segment, where consumers are finding that used cars offer better value than new cars. In this segment the monthly repayments take up a large part of the family budget and consumers are looking for the best value they can find. Used cars offer them a change to own a car with more power, more space, more accessories and more luxury than the choices offered to them in the same price bracket on new car dealers’ floor. Read the full article on the KIA Menlyn website.

This entry was posted on Thursday, July 15th, 2010 at 8:15 pm and is filed under Auto Loans, Cars, General.