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Home»Finance»This Is How The SA Car Market Traded In February 2024
Finance

This Is How The SA Car Market Traded In February 2024

The Ford Ranger generated the most model sales at over 1,500 units moved.
Gugu LourieBy Gugu Lourie2024-03-20Updated:2024-03-31No Comments3 Mins Read
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Ford Ranger
Ford Ranger. Photo by Obi - @pixel8propix on Unsplash
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The brakes are being tapped in the used car market in South Africa. In February 2024, sales declined by 1% year-on-year and by 8% month-on-month. While the brakes are far from being slammed, a slight decline in this sector is evident.

According to data released by AutoTrader, 28,658 used cars were sold during the month of love. This compares to 28,894 in February 2023 and 30,996 in January 2024.

Turning to new vehicle sales, naamsa | The Automotive Business Council reports that the February 2024 new passenger car market – at 28,857 units – registered a decline of 925 cars, or a reduction of 3.1% versus the 29,782 new cars sold in February 2023. Domestic sales of new light commercial vehicles (LCVs), bakkies and mini-buses – at 13,306 units – during February 2024 increased by 328 units (or 2.5%) from the 12,978 LCVs sold during February 2023.

While pre-owned vehicle sales have declined, used car prices are rising – month-on-month and year-on-year. The average price of a used car sold in February 2024 was R404,905. This compares to R397,149 in February 2023 and R397,411 in January 2024. The cumulative value of the used car market has also grown by 1.1% year-on-year – from R11.4 billion in February 2023 to R11.6 billion in February 2024.

Average mileage for used cars sold in February 2024 (74,887km) dropped versus February 2023 (81,631km) and also versus January 2024 (76,624km). The average year of registration of used car sales in February 2024 was 6 years-old. This is the same as January 2024, while cars in February 2023 were, on average, 7 year-old models.

Ford Ranger
Ford Ranger. Photo by Eerik Sandstrom on Unsplash

The average value of financed new cars was R395,597 in February 2024. It was, therefore, almost unchanged over February 2023 (R395,427)¹.

The top-selling used passenger cars in South Africa last month were, once again, the Volkswagen Polo, Volkswagen Polo Vivo and Toyota Fortuner, while the top-selling used bakkies were, once again, the Ford Ranger, Toyota Hilux and the Nissan NP200.

Last month’s top-selling new passenger cars in South Africa were the Toyota Corolla Cross, Volkswagen Polo Vivo and Suzuki Swift. Last month’s top-selling new bakkie was the Toyota Hilux, followed by the Ford Ranger and Isuzu D-Max (this mirrors January 2024).

According to George Mienie, AutoTrader CEO, there were no new entrants to the list of top 10 most sold brands. “Toyota led the sales numbers, with over 4,800 used cars sold during February 2024. The Ford Ranger generated the most model sales at over 1,500 units moved, while the Mercedes-Benz C-Class posted the most growth with a 9% month-on-month increase in sales” he concludes.

Top 10 Sold Models in February 2024 

Ranked by most sold Model Sold Count  Price (R) Average  Mileage (km) Average Registration year Average 
1 Ford Ranger 1,564 474,930 78,230 5 years-old
2 Toyota Hilux 1,475 444,162 108,528 6 years-old
3 Volkswagen Polo 1,166 261,298 70,912 5 years-old
4 Volkswagen Polo Vivo 946 197,875 56,274 4 years-old
5 Toyota Fortuner 684 455,574 111,271 7 years-old
6 Mercedes-Benz C-Class 541 414,704 94,139 8 years-old
7 Suzuki Swift 488 184,369 39,352 3 years-old
8 BMW 3 Series 464 395,239 99,774 8 years-old
9 Ford EcoSport 423 230,962 67,853 5 years-old
10 Nissan NP200 404 171,596 82,257 5 years-old

Source: AutoTrader Used Car Sales Data: 1 February – 29 February 2024

Source:

  1. Wesbank Car Finance Data

AutoTrader Ford Ranger George Mienie Naamsa SA Car market Toyota Hilux Volkswagen Polo
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