The South African automotive sector experienced a significant upswing in October 2024, with the used car market leading the charge after a sluggish September. According to the latest data from AutoTrader, used car sales rose sharply to 34,968 units, marking a 6.5% year-on-year increase from October 2023 and an impressive 22% jump from September 2024.
This resurgence highlights a renewed interest in affordable and reliable vehicles as consumers navigate a challenging economic climate.
Budget-friendly models lead the way
“Used car sales saw a notable increase in October 2024, spearheaded by strong sales of budget-friendly cars,” said George Mienie, CEO of AutoTrader.
Affordable and practical models like the Volkswagen Polo Vivo and Toyota Starlet were the stars of the month. The Polo Vivo posted a remarkable 37% increase in month-on-month sales, while the Starlet enjoyed a 26% rise compared to September 2024. Even premium models like the BMW 3 Series showed a surprising 27% sales boost, highlighting a broader demand spectrum.
Strong sales figures drive market value
The rebound in sales also translated into financial growth, with the total value of used car transactions reaching R14.09 billion in October, up 21.59% from September’s R11.59 billion. Year-on-year, the market value rose by 10.84%, reflecting the sustained resilience of the pre-owned market.
The average price of used vehicles dipped slightly from R405,154 in September to R403,049 in October. This marginal decrease, coupled with an improvement in vehicle quality—evidenced by lower average mileage (73,757 km) and younger registration age (five years old)—has made used cars even more appealing to budget-conscious buyers.
October’s top sellers
The October 2024 sales data highlights a strong performance across a variety of used car models, catering to both practical and aspirational buyers. Leading the pack was the Ford Ranger, which sold 2,081 units. Its popularity can be attributed to its versatility and durability, with an average price of R462,930, mileage of 82,355 km, and an average age of four years.
The Volkswagen Polo followed closely with 1,679 units sold. Known for its affordability and reliability, this model had an average price of R257,205, an average mileage of 68,117 km, and was typically five years old. Meanwhile, the Toyota Hilux secured its position as a favourite for tougher terrains, with 1,664 units sold at an average price of R447,965, mileage of 102,023 km, and an age of five years.
Among the more budget-friendly options, the Volkswagen Polo Vivo sold 1,402 units. Its affordability was evident in its average price of R187,919 and low mileage of 56,395 km, with most models being just four years old. Similarly, the Suzuki Swift stood out as an economical choice with 635 units sold, averaging R187,633 in price, just 35,549 km in mileage, and a youthful age of two years.
The Toyota Fortuner continued to appeal to buyers seeking a rugged yet comfortable SUV, with 737 units sold at an average price of R455,722, mileage of 110,619 km, and an average age of six years. The Nissan NP200 also remained a practical choice for light utility needs, selling 608 units with an average price of R167,524, mileage of 72,996 km, and an age of four years.
For those seeking premium options, the Mercedes-Benz C-Class and BMW 3 Series remained popular. The Mercedes-Benz C-Class sold 563 units at an average price of R400,002, with a higher mileage of 92,860 km and an average age of eight years. Similarly, the BMW 3 Series saw 561 units sold, averaging R366,545 in price, 107,458 km in mileage, and also an age of eight years.
Finally, the Toyota Starlet rounded out the top ten with 521 units sold. Its affordability and reliability made it a strong contender, with an average price of R229,797, mileage of just 30,302 km, and an age of two years.
This diverse range of popular models illustrates the breadth of options available in the used car market, catering to various budgets and preferences. From rugged utility vehicles to compact city cars and luxury sedans, October’s sales surge highlights the appeal of quality pre-owned vehicles in South Africa.
Consumer trends driving growth
Several factors contributed to this resurgence:
- Affordability: With many South Africans prioritising value for money, models like the Polo Vivo and Suzuki Swift offer cost-effective solutions without compromising quality.
- Durability and versatility: Popular utility vehicles like the Ford Ranger and Toyota Hilux continue to dominate due to their reliability and ability to handle diverse driving conditions.
- Quality options: Improved inventory in the used market, featuring cars with lower mileage and newer registration years, has reassured buyers.
What this means for buyers
For prospective buyers, October’s sales surge underscores the growing availability of affordable, high-quality vehicles in the used market. Whether it’s the economical Toyota Starlet for city driving, the dependable Ford Ranger for rugged work, or the premium feel of a pre-owned Mercedes-Benz C-Class, the options are plentiful.
However, the data also signals increased competition, especially for sought-after models. Acting quickly and securing financing in advance can make the difference in landing a great deal.
The road ahead
With the year-end approaching, the South African used car market appears poised for continued growth. Dealers are likely to capitalise on the momentum with year-end promotions, making it an excellent time for buyers to explore their options.
For those considering their next vehicle, understanding market trends and focusing on models with high resale value, such as the Polo Vivo or Toyota Fortuner, can offer long-term benefits.
October 2024 stands out as a testament to the resilience and dynamism of the used car market, proving that budget-friendly vehicles remain a cornerstone of the South African automotive landscape.
Read more of our buying advice and financing advice to help you make better-informed used car buying decisions.
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