Sep 01, 2026 Sherry Sibeko, Miway Insurance,
New car sales boom meets fuel-price reality for SA drivers
South Africa’s new vehicle market continued its strong growth trajectory in July 2026, with 57,708 new vehicles sold, representing an 11.9% year-on-year increase and the 22nd consecutive month of year-on-year growth. Passenger vehicle sales were particularly strong, reaching 40,912 units – a 12.5% increase and the highest monthly level since September 2014. The latest figures indicate that consumer demand has remained resilient despite economic pressures, with lower fuel prices in July providing some relief to motorists and businesses.
According to Sherry Sibeko, Executive Head for Personal Lines at Miway Insurance, for many South Africans who have recently bought a new car, the rising costs of keeping it on the road are causing feelings of buyer’s remorse. “Some new car owners may cut their losses and sell, while others may drive less, reassess cover, or opt for a used car instead,” says Sibeko, who notes that fuel, maintenance and insurance are increasingly being assessed together as households rethink monthly budgets.
For new‑car owners, rising vehicle values and replacement costs mean comprehensive cover remains critical, particularly as supply‑chain pressures continue to affect parts availability and repair costs. “Underinsuring a new vehicle to save on premiums can leave motorists dangerously exposed if something goes wrong,” Sibeko warns. As for those trading in their new cars for a used model or downsizing, Sibeko recommends careful scrutiny of insured values, excess structures and optional add‑ons. “A used car may be cheaper to buy, but the wrong cover can still lead to major out‑of‑pocket expenses after a claim.”
Another trend emerging under fuel‑price pressure is car sharing within households or between family members or neighbours, as motorists look for ways to reduce overall running costs. While sharing a vehicle can ease fuel and maintenance expenses, Sibeko says that this too has important insurance implications that need to be considered.
“Drivers often assume their policy automatically covers anyone who uses the car, but that isn’t always the case,” says Sibeko. “Insurers typically need to know who the regular drivers are, how often the vehicle is shared, and where it is primarily kept.”
Failing to disclose frequent additional drivers or changes in usage could complicate claims or lead to disputes at claim stage. “If more than one person is relying on the same vehicle, it’s critical that the policy accurately reflects that reality, both to stay properly covered and to avoid unpleasant surprises when something goes wrong,” Sibeko adds.
Regardless of the cost-saving approach taken, Sibeko advises motorists to regularly review their policies to ensure that cover remains fit for purpose. This includes checking insured values, adjusting excesses responsibly, understanding policy inclusions such as roadside assistance or car hire, and ensuring premiums remain affordable without compromising protection.
“Despite mounting pressure on household finances, insurance should remain a non‑negotiable line item in any car owner’s budget,” says Sibeko. “Vehicle write‑offs, theft and accident‑related costs can easily derail financial stability if drivers are underinsured or uninsured altogether. Fuel prices may fluctuate, but the financial impact of losing a vehicle is immediate and severe,” Sibeko concludes.
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