While September was not a great month for new or used car sales, the used car market in South Africa showed steady year-on-year growth.
According to AutoTrader, the used car market in September 2023 saw a +9.5% year-on-year increase in sales from September 2022, but declined by -9% versus August 2023 used car sales. The accumulative value of used car sales for September rose from R11,6 billion in 2022 to R12,7 billion in 2023.
In comparison, according to figures released by naamsa | the Automotive Business Council, the September 2023 new passenger car market – at 29,669 units – registered a decline of 2,723 cars or a loss of -8,4% compared to the 32,392 new cars sold in September 2022. Used sales exceeded total new passenger car sales once again last month, with 31,636 used cars being sold in South Africa in September 2023.
The average value of new cars financed rose from R383,179 in September 2022 to R395,112 in September 2023¹.
In comparison, according to AutoTrader, the average retail value of used cars sold increased from R401,740 in September 2022 to R403,626 in September 2023. The average mileage of used cars sold in September 2022 was 78,298km, while the average age was 6 years old. In September 2023, this changed to 78,376km and 5 years old respectively.
George Mienie, AutoTrader CEO, reveals that – while Toyota maintained its number one spot once again in terms of most used cars sold – Kia had a good month in September. “Kia gained two places on the top 10 most sold used cars list – moving to spot number eight and making the company the OEM with the biggest gains in the used car market within the top 10,” he notes.
The top-selling new passenger cars in South Africa last month were the Volkswagen Polo Vivo, Toyota Corolla Cross and Suzuki Swift. In contrast, the top-selling used cars in South Africa last month were the Volkswagen Polo, Volkswagen Polo Vivo and Toyota Fortuner.
Source:
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AutoTrader Used Car Sales Data
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Wesbank Car Finance Data
