According to recent data from Lightstone, the youth in South Africa are finding it increasingly difficult to afford two major purchases that often represent independence.
The youth in South Africa are purchasing fewer properties, and the number of cars sold to them has also decreased over the past decade.
In addition to declining property transfers, those under 35 are buying properties later in life while also switching to the lifestyle benefits offered by Sectional Title properties. The average age of first-time buyers is higher than it was ten years ago, and they are increasingly buying solo. “The shift is consistent with a preference for urban living which emphasises convenience and lifestyle amenities,” said Lightstone.
While factors such as load shedding, heightened inflation, and the recent and consecutive interest rate hikes have played their role in the rising cost of car ownership in South Africa, new and used vehicle prices have also increased. The data further found that 30% of vehicle financing deals were for cars between R200,000 and R300,000 – meaning around 50% of prospective car buyers are shopping for vehicles under R300,000.
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