{"id":620789,"date":"2022-08-29T13:56:54","date_gmt":"2022-08-29T11:56:54","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=620789"},"modified":"2022-08-29T13:56:54","modified_gmt":"2022-08-29T11:56:54","slug":"these-graphs-show-how-much-more-people-are-spending-on-cars-in-south-africa-than-a-decade-ago","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/motoring\/620789\/these-graphs-show-how-much-more-people-are-spending-on-cars-in-south-africa-than-a-decade-ago\/","title":{"rendered":"These graphs show how much more people are spending on cars in South Africa than a decade ago"},"content":{"rendered":"

New car prices continue to lag inflation, while used cars continue their trend of getting relatively more expensive, data from c<\/span><\/span>onsumer credit reporting agency TransUnion shows.<\/p>\n

The latest TransUnion SA Vehicle Pricing Index (VPI) for new vehicles moved from 6.0% in Q2 2021 to 3.9% in Q2 2022, with the used vehicle index soaring from 4.9% to 8.3% in the same period.<\/p>\n

The VPI measures the relationship between the increase in vehicle pricing for new and used vehicles from a basket of passenger vehicles which incorporates 15 top volume manufacturers. The index is created using vehicle sales data from across the industry.<\/p>\n

As a result of these pricing trends, the ratio of used to new vehicles sold shifted significantly in the past quarter, said TransUnion. A year ago, 2.67 used vehicles were sold for every new vehicle; in 2022 Q2, this declined to 2.1.<\/p>\n

During this period, 81,533 used and 38,824 new vehicles were financed by TransUnion, with only 27% of the pre-owned models being under the age of two years old.<\/p>\n

In the used vehicle market, 27% of cars sold were less than two years old, and this continues to decrease as the supply of quality used vehicles remains under pressure. Demo models financed made up 4% of used financed deals, which indicates consumers are opting for older vehicles as quality supply diminishes and pressure on disposable income increases.<\/p>\n

The majority of vehicles financed by TransUnion during the second quarter of 2022 fell in the R300,000-plus finance band.<\/p>\n

The second-most-popular finance band for both new and used vehicles, was R200,000-R300,000, with 30% of deals falling in this bracket, while the least-popular band was under R200,000, seeing 25% of all agreements.<\/p>\n

This has changed dramatically from a decade ago, when only around a quarter of vehicles financed were above the R300,000 mark, and more than half of vehicles were below the R200,000 mark.<\/p>\n

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

\u00a0<\/span><\/span>The below infographic details TransUnion\u2019s most-popular finance bands for Q2 2022:<\/p>\n

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

VW accounted for 22% of all finance applications submitted to TransUnion in the period. For new passenger vehicles, however, Toyota accounted for 34% of total share in the market.<\/p>\n

\u201cAlthough Toyota and VW did well in both areas, sharing the top two spots in both new and used, Hyundai and Suzuki had a great quarter alongside Toyota on new passenger vehicles financed,\u201d said TransUnion.<\/p>\n

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

\n

Read: South Africa\u2019s luxury electric cars compared: Audi vs Mercedes vs BMW<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

New car prices continue to lag inflation, while used cars continue their trend of getting relatively more expensive, data from consumer credit reporting agency TransUnion shows.<\/p>\n","protected":false},"author":10,"featured_media":557486,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11119],"tags":[26,11687],"class_list":["post-620789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-motoring","tag-headline","tag-transunion"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/620789","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=620789"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/620789\/revisions"}],"predecessor-version":[{"id":620827,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/620789\/revisions\/620827"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/557486"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=620789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=620789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=620789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}