{"id":587698,"date":"2022-05-22T14:00:22","date_gmt":"2022-05-22T12:00:22","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=587698"},"modified":"2022-05-20T16:01:22","modified_gmt":"2022-05-20T14:01:22","slug":"heres-the-average-age-of-a-second-hand-car-bought-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/motoring\/587698\/heres-the-average-age-of-a-second-hand-car-bought-in-south-africa\/","title":{"rendered":"Here’s the average age of a second hand car bought in South Africa"},"content":{"rendered":"

New data provided by Transaction Capital’s interim results show the average age and price of a second-hand car sold by the retailer, WeBuyCars.<\/p>\n

The company, which has a controlling stake in WeBuyCars, reported strong growth for the car dealership – with headline earnings up 58% from the year before.<\/p>\n

Transaction Capital added that the outlook for the used vehicle market in South Africa is resoundingly positive.<\/p>\n

The report showed a significant shift in interest from new to used vehicles. Used car sales in the 2022 financial year grew 4% compared to pre-pandemic levels, while there was a 28% increase in the number of online searches for used cars compared to the year before.<\/p>\n

WeBuyCars pointed to the affordability and the effects of Covid-19 on consumers’ disposable income as indicators of why used car sales have improved. The company added that banks have also put liquidity into the used vehicle market as they seek growth.<\/p>\n

WeBuyCars said that in 2020, 23% of households used personal vehicles as their primary mode of transport, marking a positive shift from passengers to owners and more vehicles being needed across the board.<\/p>\n

WeBuyCars stated that the majority of vehicles it sold were above nine years old<\/strong> and cost less than R200,000<\/strong>.<\/p>\n

\"\"<\/a><\/p>\n

As used vehicle sales rose, new vehicle sales suffered, with the retailer adding that sales of new passenger and light commercial vehicles in South Africa declined by approximately 2% compared to pre-pandemic levels in 2020.<\/p>\n

“The microchip shortage and supply chain disruptions, which have been exacerbated by the Russia-Ukraine war, continue to affect the global supply of new vehicles, providing an added tailwind for the used vehicle sector,” said WeBuyCars.<\/p>\n

The new vehicle market in South Africa is expected to gradually recover during the year, but at a slower pace, with the number of used vehicles traded continuing to exceed the number of new vehicles traded by more than 2.5 times, said WeBuyCars.<\/p>\n

\"\"<\/a><\/p>\n

In 2021, roughly 1.2 million (32%) of the used vehicles sold by WeBuyCars were financed. Models selling for more than R300,000 saw an increase in people needing financing, while deals below R200,000 saw a decrease.<\/p>\n

“WeBuyCars continues to disrupt used vehicle ownership and trade in South Africa through a unique combination of vehicle trading via its e-commerce and physical infrastructure, together with finance, insurance and other ancillary products,” said Transaction Capital.<\/p>\n

\n

Read: <\/strong>These are the most popular new and used car brands and body types in South Africa<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Transaction Capitals annual interim results reveal the performance of its car retailer WeBuyCars and the growing trend towards used cars.<\/p>\n","protected":false},"author":10,"featured_media":587742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11119],"tags":[26,6449,12861],"class_list":["post-587698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-motoring","tag-headline","tag-transaction-capital","tag-webuycars"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/587698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=587698"}],"version-history":[{"count":21,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/587698\/revisions"}],"predecessor-version":[{"id":588768,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/587698\/revisions\/588768"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/587742"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=587698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=587698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=587698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}