The used car market in South Africa during March performed slightly better than its new counterpart. Toyota was the top-selling used brand last month, the Ford Ranger was the top-selling model and Kia delivered an astonishing performance.
According to data released by AutoTrader, 27,274 used cars were sold in South Africa last month. This compares to 31,128 in March 2023 and 28,658 in February 2024. This amounts to a -12% decline year-on-year and a -5% month-on-month reduction.
A similar trend emerges when one studies the accumulated value of the used car market. It was R11,264 billion in March 2024 – versus R12,355 billion in March 2023 and R11,604 billion in February 2024. This amounts to an -8.8% decline year-on-year and a -2.93% month-on-month reduction.
Turning to new vehicle sales, naamsa | The Automotive Business Council reports that the March 2024 new passenger car market – at 26,819 – represents a decline of 4,782 cars, or a reduction of -15.1%, compared to the 31,601 new cars sold in March 2023. Domestic sales of new light commercial vehicles, bakkies and mini-buses – at 14,626 units during March 2024 – recorded a decline of 916 units, or a loss of -5.9%, versus the 15,542 light commercial vehicles sold during March 2023.
As was the case during February 2024, while sales volumes have reduced, used car values are rising. The average price of a used car sold in March 2024 was R413,005 – versus R396,939 in March 2023 and R404,905 in February 2024. The average mileage of used cars sold in March 2024 was 74,612km – versus 79,977km in March 2023 and 74,887km in February 2024. The average year of registration last month and in February 2024 was 2018 – versus 2017 in March 2023.
The average value of financed new cars was R389,637 in March 2024 – versus R398,239 in March 2023¹.
According to George Mienie, AutoTrader CEO, March was a good month for Toyota, Ford and Kia. “Toyota was, once again, the top-selling brand in the used car market, achieving 4,434 sales last month. The Ford Ranger – which was recently announced the Used Car of the Year at the AutoTrader Dealer Awards – was the top-selling model, with 1,599 sales last month. Kia also had a strong March, moving from ninth place in February to seventh last month. The brand grew its volumes by a significant +20% month on month and by an astonishing +48% year on year. So, March was a great month for the Korean brand,” he concludes.
Top 10 Sold Models in March 2024
| Ranked by most sold | Model | Sold Count | Price (R) Average | Mileage (km) Average | Registration year Average |
| 1 | Ford Ranger | 1,599 | 467,753 | 80,888 | 5 years-old |
| 2 | Toyota Hilux | 1,315 | 454,833 | 101,900 | 5 years-old |
| 3 | Volkswagen Polo | 1,190 | 267,177 | 70,931 | 5 years-old |
| 4 | Volkswagen Polo Vivo | 849 | 190,968 | 62,255 | 5 years-old |
| 5 | Toyota Fortuner | 639 | 457,739 | 108,167 | 6 years-old |
| 6 | Mercedes-Benz C-Class | 529 | 424,619 | 94,604 | 8 years-old |
| 7 | BMW 3 Series | 483 | 355,884 | 111,820 | 9 years-old |
| 8 | Kia Picanto | 453 | 176,361 | 44,568 | 4 years-old |
| 9 | Suzuki Swift | 385 | 185,256 | 37,968 | 3 years-old |
| 10 | Nissan NP200 | 363 | 169,211 | 87,930 | 5 years-old |
Source: AutoTrader Used Car Sales Data: 1 March – 31 March 2024
Source:
- Wesbank Car Finance Data
