With prices dropping, now is the time to buy a used car
Used car buyers are in for a treat – some of the country’s most-loved vehicles are now selling for R10,000 to R40,000 less than what they cost in March 2020.
This revelation comes after an analysis of sales data on AutoTrader. The company’s team of data specialists analysed the average prices for cars sold in March (pre-lockdown) compared to those sold in May.
AutoTrader CEO George Mienie says the price reductions vary from vehicle to vehicle.
“For example, a Toyota Corolla with 89,000 to 93,000km on the clock sold on average for R228,484 in March and for R184,300 in May – that’s R44,184 less for the same car. This trend can also be seen in bakkies. The Isuzu KB, for example, with between 132,000 and 134,000km in mileage, sold for on average R11,007 less in May versus March – a price drop from R223,205 to R212,198,” he reveals.
Even the country’s most popular used vehicle – the Ford Ranger – recorded a reduction on average of R10,263 for a car with a mileage between 87,000 and 88,000km, dropping from R320,454 in March to R310,191 in May.
AutoTrader anticipates pricing reductions like these to continue in June. “The entire market is down 4.1% year-on-year as recorded in our Retail Pricing Index. If you were considering buying a car before lockdown and you still have the ability to do so, now is a good time,” Mienie concludes.
As the country’s largest motoring marketplace, car searches and sales via AutoTrader have long been regarded as an accurate barometer of consumer buying patterns.