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Long, hard road ahead for car owners, report warns

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Johannesburg – Consumers will be holding onto their vehicles for longer, given the recent downgrade to junk status, said an industry expert.

The TransUnion Vehicle Price Index for 2017, which collects data from the top 15 vehicle manufacturers to examine yearly price increases, also considered the impact of the downgrade on vehicle pricing.

“We are expecting to see lower access to credit, a weakening currency, rising inflation and even higher interest rates,” said Derick de Vries, CEO of Auto Information Solutions at TransUnion. This means consumers will have less disposable income.

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