Weaker supply drives buyers to higher-mileage used cars

The used car “sweet-spot” in 2021 was a three-year old vehicle priced between R200,000 and R300,000, with a mileage of just over 100,000km. Picture: SUPPLIED

Used car prices in SA have soared in the past year while new car price inflation has slowed, as a result of increased consumer demand for pre-owned vehicles. The demand is being driven by consumers trading down, and by the stock scarcity of new vehicles due to the global computer chip shortage.

In terms of vehicle age, the bulk of enquiries were for vehicles first registered between 2014 and 2018, with vehicles from 2017 slightly edging out the other model years with a share of 8.7%. At a model level, South Africans’ demand for old favourites remains strong, while some models, such as Nissan’s long-serving NP200, are growing in popularity. The highest new entry on the model ranking list is Haval’s Jolion compact crossover.

“It appears premium brands are slipping slightly, and there is significant movement from 12th place downwards. Remember, it takes time for newer brands to gain traction in the used car space and for stock of older, discontinued brands/models to work their way out of the system,” says Oosthuizen.

Source: Car News Wire (carnewswire.net)

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