Middle-age Namibians' appetite for homes and cars increases

August 10, 2015, 9:12am

Middle age Namibians' appetite for homes and cars increases

Middle aged Namibians have increased their appetite for mortgage credit (loans for home) which stood at N$37.5billion on average over first 6 months of this year.
According to Bank of Namibia, since the beginning of the year, installment credit measured over the first 6 months stands at N$11.3 billion on average. This represents a share of 15.5% of total credit granted to the private sector which stands at N$72.7 billion.
While the desire for home seems to be getting the better part of the year, car dealers such as Indongo Toyota and Jan Japan Motors said they have had good year with a spike in car sales.
Indongo Toyota, Windhoek Branch, Dealer Principal Hans Steinkopf, told The Villager that, their sales have increased in the first quarter of this year, compared to the same period last year and that most of their consumers are those that are in their mid-thirties.
 “Sales have increased, as we were fortunate enough to have done tendering businesses,” Steinkopf said.
Finance arrangements are in place with all the major banks in the country, which are Standard Bank, First National Bank, Bank Windhoek and Nedbank when purchasing a vehicle from Indongo Toyota.
“We can tailor make and structure any deal for a customer based on his or her own need,” he said.
Indongo Toyota is one of the few car dealers in the country that allows consumers to finance their purchases through the banks and they are also the few that have specialists in their dealership which are called Finance and Insurance Consultants (FIC), they negotiate with the banks on behalf of the customers unlike Jan Japan and or SBT Japan that strictly only accept cash.
Jan Japan, car deal who only preferred to use his first name, Galet said Jan Japan sells 27-30 units/cars per month and that it is also the young individuals that make up most of their target market and or generate their revenue from.
According to Jan Japan, their sales have also increased in the first quarter of this year compared to the same period last year.

by Frans Nghandi