MUST-READ: Junk status and your car

Premlall suggested we hold onto our assets, i.e. our cars and rather repair them. Photo: Pixabay. For illustrative purposes.

South Africans are starting to feel the pinch following the junk status announcement and now is the time to be savvy about car purchases, said Vishal Premlall, Director of the Motor Industry Workshop Association (MIWA).

“Don’t commit to a new car unless you are sure you can afford the repayments, which will likely increase as interest rate hikes kick in,” he said. “Hold onto your asset, i.e. your car, and rather repair.”

He recommended getting a second or third opinion on the repair of your current car before considering purchasing a new car.

“If you can avoid taking on additional debt at this time, that is first prize. By repairing rather than purchasing you invest short-term in your vehicle, which could result in long-term gain when you choose to sell at a later stage.”

Most car purchases are emotional ones with buyers getting swept up by the ‘new-car’ smell, latest features, status associated with brands, and so on. This leads to buyers often over extending on what they can afford in monthly repayments.

“It’s at this point that you need to stop, recalculate, get opinions and make smart decisions. The reality is that the shine of a new car fades when the bills come in and you are overextended,” he concluded.

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