This Is How The SA Car Market Traded In February 2024

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.

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 

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

Source:

1. Wesbank Car Finance Data