Improved consumer confidence is evident in the increase in the number of used car sold
Improved consumer confidence is evident in the increase in the number of used car sold
Consumer confidence rose in July, evidenced by an uptick in new and used car sales.
Contrary to popular belief, an increase in new car sales is good news for the used car market.
“The increase in new passenger car sales indicates consumers are in a better financial position. New car sales fuel future used car sales,” said AutoTrader CEO George Mienie.
Used car sales rose 14% month on month, according to AutoTrader data. The 31,707 units sold in July (nearly 4,000 more than in June) realised a total value of just less than R13bn. In July, the average price of a used car rose slightly, by 0.4% to R409,238. On average, that buys a five-year-old car with mileage of 75,227km.
There is not a lot one can bet on with much certainty today, but betting on Toyota leading sales in the used car market and the Ford Ranger bakkie heading model sales is almost a sure thing. Volkswagen and Ford are more than likely to remain unchallenged in their second and third sales spots, while the Toyota Hilux bakkie and popular hatch VW Polo will doubtless maintain their grip on sales behind the Ranger.
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