After a strong July, the South African automotive sector experienced a period of consolidation in August 2024, with moderate improvements in both new and used car sales. While new car sales increased by 3.1% compared to August 2023, used cars showed slight month-on-month growth despite a year-on-year decline.
According to AutoTrader, 31,877 used cars were sold in August 2024, down from 34,725 in August 2023, marking an -8.2% year-on-year drop. However, sales improved slightly compared to July 2024, when 31,707 used cars were sold, reflecting a 1% month-on-month increase. This highlights the resilience of the used car market, even amid broader challenges.
The new passenger car market also saw moderate growth. According to naamsa | The Automotive Business Council, 30,022 new cars were sold in August 2024, up by 891 units (or 3.1%) from the 29,131 sold in August 2023. Month-on-month, however, the new car market remained largely stable, with only a minor change from the 30,048 new cars sold in July 2024.
George Mienie, CEO of AutoTrader, says it’s clear that August 2024 was a month of market consolidation. “The only shift in OEM ranking in the used market was Suzuki overtaking Nissan, and the Toyota Starlet made its debut in the top 10, after sitting just outside (in 11th place) last month. Toyota remained the leader, with over 5,302 used cars sold, and the Ford Ranger continued to top the model sales charts with more than 1,930 units sold.”
In terms of total value, the used car market saw a slight decline. The accumulated value of used car sales in August 2024 stood at R13.02 billion, a -6.8% drop compared to August 2023’s R13.97 billion. However, it edged up by 0.35% compared to July 2024’s figure of R12.95 billion.
The average value of used cars sold in August 2024 rose by 1.5% year-on-year, reaching R408,488. This was a slight decline of -0.2% from July 2024. The average mileage for used cars was 73,132 km, and the average registration age remained at six-years-old, reflecting a consistent demand for relatively recent models. For comparison, in August 2023, the average price was R402,392, with an average mileage of 78,603 km.
New car prices also saw an upward trend. The average value of financed new cars increased by 7.4%, rising from R392,135 in August 2023 to R421,294 in August 2024¹.
In the used car market, the top sellers in August 2024 were the Volkswagen Polo, Volkswagen Polo Vivo, and Toyota Fortuner. Among used bakkies, the Ford Ranger, Toyota Hilux, and Nissan NP200 topped the list.
For new vehicles, the best-selling cars were the VW Polo Vivo, Toyota Corolla Cross, and Hyundai Grand i10. In the bakkie category, the Toyota Hilux, Ford Ranger, and Isuzu D-Max continued to dominate sales.
Top 10 Sold Models in August 2024
| Ranked by most sold | Model | Sold Count | Price (R) Average | Mileage (km) Average | Registration Age Average |
| 1 | Ford Ranger | 1,930 | R465,136 | 80,540 | 5 years-old |
| 2 | Toyota Hilux | 1,423 | R454,384 | 103,231 | 6 years-old |
| 3 | Volkswagen Polo | 1,329 | R261,705 | 71,806 | 6 years-old |
| 4 | Volkswagen Polo Vivo | 1,153 | R198,286 | 58,320 | 5 years-old |
| 5 | Toyota Fortuner | 730 | R468,399 | 101,067 | 7 years-old |
| 6 | Suzuki Swift | 598 | R194,248 | 36,157 | 3 years-old |
| 7 | Mercedes-Benz C-Class | 549 | R427,542 | 91,725 | 9 years-old |
| 8 | Nissan NP200 | 513 | R180,891 | 74,764 | 6 years-old |
| 9 | BMW 3 Series | 493 | R382,184 | 109,510 | 8 years-old |
| 10 | Toyota Starlet | 482 | R233,635 | 34,925 | 3 years-old |
Source: AutoTrader Used Car Sales Data: 1 – 31 August 2024
Source: Wesbank Car Finance Data
