A total of 401 million online searches for used cars took place last year (an all-time record and an almost 40% increase year-on-year). Furthermore, the average selling price of a used car in the last year was R289 312, an increase of R9 003 over the previous year.
These are amongst the key findings contained in the 2020 AutoTrader Car Industry Report, which was released on Monday, 3 August. This annual report details trends and insights into the South African used car market. As the largest digital automotive marketplace in South Africa, AutoTrader provides unparalleled insight into car-buying patterns in the country.
The 2020 AutoTrader Car Industry Report is extremely comprehensive. It covers anything and everything from exclusive insights from industry experts such as George Mienie, AutoTrader CEO, and Mike Mabasa, NAAMSA CEO, to current data and statistics pertaining to the used car market. This provides insight into which makes, models and – for the first time in South Africa – which variants (including trim levels) are important to car-buying consumers. Fascinating findings on the impact of Covid-19 on the automotive sector are also contained within the 48-page document.
According to Mienie, the report is especially useful during turbulent trading conditions – because the data helps dealers to acquire stock in the right price bands that also meets consumer demand. “It goes without saying that 2020 has probably been one of the most challenging years in the history of the automotive business; we have been on a rollercoaster ride. This is confirmed by our Retail Price Index: In Q3, ending September 2019, we saw a high of 2.4% year-on-year and then it sank to a price deflation low of -0,9% year-on-year in Q1 ending March 2020,” he explains.
While each and every section of the report contains relevant and extremely valuable data, here are some of its highlights:
· The most searched for brand is BMW
· The most sold car is the Ford Ranger
· The most searched for variant is the Volkswagen Golf GTI
O· The most searched for price range is R200 000 and under