How much money South Africans spend when buying a used car
According to new data published by financial services company Wesbank, the ‘average joe’ spent R298,225 when buying a new car in South Africa over the last 12 months.
Wesbank’s data showed a minor uptick in the new vehicle industry in March with a total of 49,233 new vehicles sold – up 1.1% year on year. Vehicle sales by channel showed dealerships accounted for 42,038 purchases, with rental at 2,608, government at 900, and single sales at 1,308 vehicles.
Despite this, the number of used vehicles financed by Wesbank still dwarfs new cars at 88,959 applications in March.
Wesbank finances more than double the number of used cars when compared to new cars, however, the price to finance a second hand vehicle is on the rise.
Speaking to BusinessTech, the lender said that the average amount financed for a used car over the past 12 months was R203,284.
While this is R95,000 lower than the average new car price, it’s still more than the cost of many popular new entry-level cars on the market, including Volkswagen’s Polo Vivo and the Ford Figo.
So what does the ‘average’ car look like based on this price point? BusinessTech looked at eight options across the major segments based on listings provided by a number of used car websites in South Africa.
Renault Duster 1.6 expression – R204,800
- Year – 2018
- Mileage – 500 km
Toyota Yaris 1.5 Xi 5-Door – R205,995
- Year – 2018
- Mileage – 2,950 km
Jeep Renegade 1.4 Tjet LTD – R209,900
- Year – 2017
- Mileage – 49,000 km
Hyundai Accent 1.6 Gls A/t – R204,900
- Year – 2016
- Mileage – 31,000 km
Ford Kuga 2.0 Ecoboost Titanium AWD Auto – R200,000
- Year – 2014
- Mileage – 91,000 km
Volkswagen Polo GP 1.6 Comfortline – R 201,654
- Year – 2017
- Mileage – 29,852
Volkswagen Polo 1.2 TSI Highline – R 200,000
- Year – 2016
- Mileage – 21,000 km
Fiat Tipo 1.4 Pop – R201,654
- Year – 2017
- Mileage – 18,000 km
Read: How much the ‘average Joe’ South African is paying for a new car right now
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