Pre-owned vehicle market on the rise
Despite economic challenges, the used car market is thriving, and data from AutoTrader provides valuable insights. Read on to find out more.
The used car market is showing remarkable resilience, even in the face of economic challenges, making it imperative to delve into the data offered by AutoTrader.
To gain perspective, one should examine used vehicle listings spanning the past three years, comparing the first half of 2020 (H1 2020) with H1 2023.
According to AutoTrader, the largest used car platform in South Africa, data reveals that in H1 2020, an astonishing 573 083 used cars were listed for sale by 105 different brands. Now, fast-forward to H1 2023, and we witness a 10% surge in used car listings, elevating the total available used vehicles for sale on the platform to 652 198, represented by 116 different vehicle brands.
These figures signify not only a burgeoning used car market but also an expanding landscape of vehicle manufacturers participating in South Africa. Over three years, 18 new brands have entered the market.
George Minnie, the CEO of AutoTrader, attributes this growth to enhanced collaborations with China, mentioning, “We’ve seen brands like Chery make a triumphant return, along with other Chinese brands like Proton, expanding their presence in the South African automotive sector.”
During this period, three brands have shown significant growth in cars listed for sale, with Chery leading the way, boasting an impressive 99.7% increase in used car listings. Proton follows closely with an 87.5% surge, while the British brand Lotus exhibits a substantial 62% increase. The luxurious German company Mercedes-Maybach has seen a remarkable 36.9% growth, and Haval isn’t far behind with a 17.6% uptick.
Considering more historically popular brands, in 2020, Volkswagen had the highest number of used car listings on AutoTrader, comprising 13.8% of the total listings. Toyota closely trailed at 12.2%, with Ford ranking third at 10.92%. These leading players continue to dominate in 2023, albeit with a slight reshuffling of positions. Toyota’s listings now claim the largest share of the pie at 15.3%, with Volkswagen moving to second place at 12.98%. Ford’s listings have remained consistent over the three years at 10.6%.
Furthermore, there has been an influx of rare imports on the platform. However, these niche cars constitute a smaller portion of the overall listings.
Source: Nikki Chennells / Photo: Caxton library
