Good news: Used-car prices are dropping and business is booming
Latest stats from online retailer show used-car prices are dropping, which bodes well for the rest of the year.
According to the latest statistics from AutoTrader, used-car prices are dropping. And as a result the market grew by 8% month-on-month in July. This equates to a total of 32 090 used cars were sold, an increase of 2 434 units over June, says AutoTrader.
WHY USED-CARS PRICES ARE DROPPING
Besides the good news that used-car prices are dropping, AutoTrader says the value of the used-car market has swelled by 8% to R12.9 billion. What this means effectively is while used-car prices are dropping – and people are paying less for their cars – the market on the whole is strengthening.
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“The welcome news for car shoppers is that used-car prices are dropping. The average price of the cars listed has come down from R406 474 in June to R403 003 in July. This drop brings a measure of relief to consumers who face rising prices in just about every other sphere,” says AutoTrader CEO George Mienie.
USED-CAR-MARKET INSIGHTS
According to retailer, the average price of a used car currently is R403 003. The average mileage is 72 721 km and 2018 is the average registration year. As is reflective of the new-car market, the best sellers are Toyota, Volkswagen and Ford.
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Behind them you’ll find BMW, Mercedes-Benz, Hyundai, Nissan, and Suzuki. Interestingly, French carmaker Renault delivered a coup de grâce to KIA, moving up three spots on the most sold list and overtaking the Korean automaker in the ranking.
USED BAKKIES AND LOCALLY BUILT WINS
The used bakkie battle continued to play out in July. The Ford Ranger led the way as the most sold used bakkie, ahead of the Toyota Hilux. The usual locally built protagonists VW Polo and Polo Vivo, Toyota Fortuner, Mercedes-Benz C-Class, BMW 3 Series, Nissan NP200 and ISUZU D-Max fared well in the top ten used cars overall.
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Among the top selling used variants, Volkswagen’s affordable VW Polo Vivo 1.4 claimed the top spot with the VW Polo 1.0 TSI in second place ahead of the Toyota Hilux 2.8 GD-6, Ford Ranger XL and another Hilux variant, the 2.4 GD-6.
