The average price of a used car in South Africa is R445,181, according to the 2024 AutoTrader Mid-Year Car Industry Report.
The report showed that used vehicle sales in the first half of 2024 increased by 2.2% versus the corresponding period of 2023. This is in contrast to the 6.9% decrease in new car sales in the first half of 2024 (H1), as recorded by Naamsa - The Automotive Business Council.
Used electric vehicle sales were up 8.8% year-on-year, albeit off a low base.
Interestingly, the report also noted that while Chinese brands are expected to account for up to 20% of the new vehicle market by the end of 2024, this trend is not yet reflective in used car advert views, according to AutoTrader.
The website recorded over 328 million used vehicle searches during the first of this 2024, up 5% year-on-year.
The average listed price of a used car in H1 2024, at R445,181, is actually higher than the average loan amount of R410,000 for a new car as reported by WesBank. The former increased by 4.1% versus H1 2023.
AutoTrader said the average mileage came in at 73,258km, while the most listed and best-selling used vehicle model was the Ford Ranger, with an average price of R493,071.
Second most listed was the Toyota Hilux, with an average price of R463,492, and interestingly, its average mileage of 107,572km was higher than the Ranger’s 81,494km.
The Volkswagen Polo and Polo Vivo were third and fourth, with respective average prices of R285,577 and R209,350, and mileages of 66,845km and 55,176km.
Completing the top 10 were the Toyota Fortuner, Mercedes C-Class, Isuzu D-Max, Suzuki Swift, Nissan NP200 and BMW 3 Series.
When it came to search popularity, Volkswagen was the most searched-for car brand, at 40 million, followed by BMW (39.2m), Toyota (35m), Mercedes-Benz (30.8m) and Ford (19.4m).
The most searched-for models were the Toyota Hilux, Volkswagen Polo, Ford Ranger, Volkswagen Golf and BMW 3 Series.
“The data also reveals that the market share is growing for the more affordable models (when it comes to the top 10 enquired on brands). Hence, 2024 has marked a year in which consumers are voting with their wallets and not their aspirations,” AutoTrader said.
“In keeping with this theme, Suzuki has made an appearance in the list of the top 10 most-searched-for brands for the first time, replacing Porsche in 10th place.
“The Suzuki Swift is also a new entrant on the list of the top 10 most enquired on models, edging out the Ford Fiesta in the process.”
You can view the full AutoTrader report here.
IOL Motoring