The growing landscape of pre-owned cars
A boon for consumers and independent workshops, the surge in pre-owned car sales presents exciting opportunities. Read more about it here.
In response to TransUnion’s recent Vehicle Pricing Index, Dewald Ranft, chairperson of the Motor Industry Workshop Association (Miwa), a constituent association of the Retail Motor Industry Organisation, notes that the expanding availability of second-hand options is accompanied by a noteworthy increase in used vehicle prices, surpassing the growth seen in new car prices in South Africa.
He expresses optimism about the positive impact of the growing pre-owned car market on independent workshops.
The report highlights an 8% price increase in Q3 2023 (3% above inflation), with older cars (three years old) experiencing an even more substantial price hike, ranging between 15.7% and 19.4%.
“These are all vehicles typically out of warranty and can be serviced at any one of the many accredited independent workshops nationally,” notes Ranft. Miwa identifies a trend where, due to economic constraints and rising vehicle prices, more consumers in the used vehicle market are opting for reliable yet older cars to meet their needs.
The pre-owned car sector in the country is flourishing, with AutoTrader data revealing almost 100 000 additional vehicles listed for sale between January and June 2023 compared to the same period in 2020. While consumers enjoy an abundance of choices in the pre-owned vehicle market, Ranft emphasises two critical considerations.
Firstly, consumers should have the car thoroughly assessed before purchase, as some vehicles that are severely damaged in accidents end up being repaired and reintroduced to the road. The campaign for an open and transparent Vehicle Salvage Database by the South African Motor Body Repairers’ Association underscores the importance of this.
Once satisfied with the vehicle’s condition, the focus should shift to maintenance. Ranft advises against skimping on maintenance to save money, emphasising that regular upkeep is essential to prolong the car’s lifespan and ensure reliability.
Ranft offers basic care tips, including reading the car’s manual and adhering to maintenance schedules, checking the battery, ensuring good visibility through well-maintained windshield wipers, using online forums for insights into potential issues, regularly checking fluid levels, monitoring brake pads, rotating tyres and addressing small problems promptly.
These tips, applicable to both new and used vehicles, underscore the significance of regular maintenance in extending a car’s life.
Source: Cathy Findley PR
