While October was the third consecutive month of decline in new vehicle sales in South Africa, used car sales remain resistant to economic pressures.
According to the used car sales data supplied by AutoTrader, a total of 32,839 used cars moved through AutoTrader’s platform in October 2023, 14% more than the 28,902 cars for October 2022¹. In a stark contrast, according to naamsa | The Automotive Business Council, 29,912 new passenger cars were sold in South Africa during October 2023 – a decline of 1,068 cars, or a reduction of 3.5% versus the 30,980 new cars sold in October 2022.
A similar picture emerges when one examines used cars through the AutoTrader platform year-to-date. 307 929 used cars were sold in October 2023 year-to-date while 294 553 used cars were sold in 2022 year-to-date. On the other hand, a total of 290 862 new cars were sold (October 2023 year-to-date) versus 301 520 (October 2022 year-to-date) – a decline of 3.5%.
The accumulated value of used cars that moved through the AutoTrader platform in October 2023 was R12,67 billion – 11% up on the R11,34 billion in October 2022.
The top-selling new passenger cars in South Africa last month were the Volkswagen Polo Vivo, Toyota Corolla Cross and Toyota Starlet. In contrast, the top-selling used cars in South Africa last month were the Ford Ranger, Toyota Hilux and Volkswagen Polo.
While the Toyota Starlet knocked the Suzuki Swift off its new car podium position last month, George Mienie, AutoTrader CEO, notes that this OEM has no reason for concern. “Suzuki was the third largest selling new passenger car brand last month (after Toyota and Volkswagen). It also moved up one position in the used car list – from position number 10 in September this year to position number nine in October. Mercedes-Benz and Renault also had a good October in the used car market, with both of these brands gaining one ranking,” he reveals.
In strong contrast to previous months, the average new car sales price increased year-on-year while the average used car sales price decreased.
The average value of new cars financed rose from R388,338 in October 2022 to R406,217 in October 2023². On the other hand, the average used car value declined from R392,814 in October 2022 to R385,460 in October 2023. The average mileage of sold used cars in October 2022 was 78,774 km, and the average registration age was 6 years old. One year later, that changed to 77,879 km and 5 years old respectively.
Source:
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AutoTrader Used Car Sales Data
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Wesbank Car Finance Data
