South Africa’s used-car market – the hottest brands, and what people are paying

·16 Sep 2023

The nav» Marketplace now has over 1 million searches for a reliable second-hand vehicle, and data from the virtual dealership revealed the 10 most popular brands and the most-searched-for models by South Africans in the second-hand market.

The vehicle market remains in a state of flux due to frequent power cuts, ongoing increases in the repo rate and various other factors influencing the total cost of vehicle ownership.

According to the credit bureau TransUnion, rising vehicle prices and diminishing disposable incomes made it challenging for consumers to purchase vehicles, resulting in motorists holding onto their cars for longer, which led to a shortage of high-quality used vehicles.

The TransUnion VPI report shows the used-to-new ratio declined YoY from 2.1 in Q2 2022 to 1.8 in Q2 2023, indicating the mentioned limited access to quality used vehicle stock.

According to the report, used-vehicle prices have experienced, on average, a more significant increase than new cars, with the report recording a price increase of 9.8% in Q1 2023 (3.5% above inflation).

Interestingly, the report also showed that older cars (three years old) showed an even greater price increase – with prices rising between 15.8% and 19.6%.

“These trends suggest consumers are becoming more discerning as they seek value in a challenging market,” the report said.

Despite this, digital marketplaces are transforming the way buyers and sellers interact over the sale of vehicles. The popularity of these platforms, such as nav» Marketplace, is a testament to the shift.

Over 5,000 active vehicles from WesBank-approved dealers and private sellers are now listed on the nav» Marketplace available on the FNB, RMB Private Bank and WesBank Apps.

While the nav» Marketplace is a treasure trove for vehicle enthusiasts, there are certain vehicles that consumers generally prefer. The table below shows the top 10 brands sold, arranged from the lowest to the highest average listing price. Models within these brands range from 1990 to 2023.