Buyers' advice, Motoring News

Graduating? Here’s some smart advice for buying a car

JOHANNESBURG, South Africa – One of the most empowering aspects about starting an internship or your first job after graduation is knowing you can look forward to the financial freedom that follows. With this newfound freedom, however, come important practical considerations – especially when it comes to buying a vehicle.

Pertunia Sibanyoni, CEO of InspectaCar in South Africa, spoke on this topic at a Science, Technology, Engineering and Maths conference and career expo which took place recently. She enlarged:

”Obtaining a university degree requires students to overcome many obstacles and financial pressures. Buying a pre-owned vehicle is a great option, a logical choice for a graduate. Buying from a trusted deal such as InspectaCar ensures that the purchase has met the quality standards of an organisation specialising in selling used cars.”

PERTUNIA SIBANYONI: She’s the CEO of InspectaCar in South Africa, Image: Supplied

InspectaCar, now in its 17th year of operation,  was born of a vision to uplift and professionalise the used-vehicle market. The emphasis has been in dispelling the notion that buying a used car is buying someone else’s headache.”

‘ONE-SHOP SHOP’ EXPERIENCE’

“We’ve created a one-stop shop experience – finance, insurance, other value-add essentials – to complete the buying journey. From online convenience, well-checked vehicles, transparency, dealing with professional and trustworthy staff, to the value-added products, we’re changing the used-car business.”

Jason White, head of InspectaCar financial services, added: “A new car typically depreciates by 20% as it’s driven off a dealer’s floor. Most will lose another 10% during the first year of ownership – 30% lpst during the first year of ownership… a R300 000 will loses about R90 000 in value during that time.”

CERTIFIED BY WESBANK

White adds that depreciation usually flattens out after three years before increasing again around year five. This can directly affect insurance costs- a key factor in determining vehicle insurance premiums is the value of the car. A used car has a lower value than a newer version, therefore the cost of insurance should be less.

InspectaCar is certified by WesBank and a ‘Graduate Finance’ offering from WesBank has competitive interest rates which do not depend on a credit history. Everything can be done online. It’s intended for graduates who:

• Have a university degree, three-year diploma, or NQF 6 qualification
• Have graduated within the past three years
• Are younger than 31
• Can prove they are employed
• Have a valid driving licence
• Have South African citizenship

InspectaCar can also provide vehicle finance, insurance, and value-added products such as scratch and dent cover and warranty.

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