2025 is proving to be a very good year for all those who are ready to get their first set of wheels, whether new or under the second hand market. Many of the car brands have had very successful sales records as a result. Hyundai, who are doing good interms of sales, have once again made some buzz but this time because of an impressive 10,000 new vehicle finance applications received every month.
If it wasn't enough that the brand is already capable of facilitating about 3000 vehicle sales per month, this new achievement further suggests that most South Africans still have the hots for the Korean brand in the midst of a Chinese take over. The 10,000 new vehicle finance applications received is a compacted number that Hyundai claim the reach every month and it shows good growth as this rate is 37% higher than last year.
Stanley Anderson, CEO of Hyundai Automotive South Africa shared these figures today, noting that the brand’s appeal spans from entry-level models to premium offerings. “These numbers are more than just statistics as they represent empirical evidence of how deeply South Africans have connected with the Hyundai brand.”
As the National Association of Automobile Manufacturers of South Africa (NAAMSA) reports had suggested, this good number of applications makes sense since the market recently experienced its first ease on finance in households where we saw household credit extension rising by 3,1% year-on-year in June, while private-sector credit growth firmed to 5,0% year-on-year, reflecting a gradual loosening in borrowing conditions that supported big-ticket spending, including motor vehicles.
Now in an effort to further support South Africans in securing their dreams car, in this case a Hyundai, the company is actively engaging with its financial partners to explore collaborative solutions that could improve finance approval rates.
“Recognizing the financial pressures many consumers face due to the rising cost of living, we are prospecting various financing models, including extended loan terms, tailored instalment plans as well as flexible payment holidays,” stated Johan Nel, Sales Director at Hyundai Automotive South Africa.