Why now is the time to buy a 'nearly new' car
Used car inventories – especially when it comes to “nearly new” cars (2019 year model) – increased by a startling 32% in July 2020 compared to the previous month, placing buyers firmly in the pound seats. Buyers of older used cars are also scoring; total inventory listings have increased by nearly 20% month-on-month (June to July 2020).
These statistics are courtesy of AutoTrader. As the largest digital automotive marketplace in South Africa, data extrapolated from AutoTrader provides unparalleled insight into car demand, supply and pricing patterns in the country.
According to George Mienie, CEO of AutoTrader, statistics such as these mean we are experiencing a buyer’s market in SA right now.
“Simply put, buyers are spoilt for a choice – especially if they’re looking for a car with a registration year listing of 2019 (we refer to these as ‘nearly new’),” he explains.
But precisely what models are up for grabs and what can buyers expect to pay? Mienie reveals that the 2019 registration year car with the most active listings is the Volkswagen Polo.
“The average selling price of a 2019 Polo is R221,492 while the average mileage is 22,448km,” he notes.
In second place in terms of active listings of 2019 models is yet another Volkswagen derivative, namely the Polo Vivo. The average selling price of a 2019 Polo Vivo is R178,994 while the average mileage is 23,338km.
Mienie reveals that Toyota vehicles account for half of the models when it comes to the top 10 2019 registration year cars with the most active listings.
“This is not surprising, given that the Japanese carmaker does sell the most new vehicles in South Africa,” he points out.
The Toyota Corolla Quest, Toyota Yaris and Toyota Etios are in third, fourth and fifth place respectively. The average selling price of a 2019 Corolla Quest is R190,362 and the average mileage is 26,883km. The average selling price of a 2019 Yaris is R217,796 while the average mileage is 26,598km, and the average selling price of a 2019 Etios is R158,815 with an average mileage of 27,652km.
The other two Toyotas in the top 10, the Fortuner and RAV4 (in seventh and eighth place), have average selling prices of R479,378 and R391,156 respectively.
Cash-strapped South Africans will no doubt cheer at the news that there are lots of 2019 Datsun Go’s available for sale.
“At a mere R123,157, this is a really great deal. This represents a significant saving over the price of a new Go, which starts at R174,200,” Mienie points out.
Perhaps surprisingly, the most sold used car in South Africa – the Ford Ranger – only clocks in tenth. It has an average selling price of R452,667.