TransUnion: New-car prices in SA hiked 6.7% in Q2
Loading player...
Key findings from the report show that:
1. New vehicle pricing moved from 3.9% in the second quarter of 2022 to 6.7% in the second quarter of 2023, with used car pricing moving from 8.3% to 9.8%.
2. Three-year-old used vehicles saw the biggest increase, with this segment of vehicle costing an average of 17% more than the same period last year.
3. SUVs made up more than 30% of new and used financed vehicles in the quarter, which suggests that consumers are being more discerning in their purchases and seeking out value in a challenging market.
4. The shifts in new and used vehicle pricing, combined with changes in buying preferences, saw the average loan size increase from R370,000 to R390,000 in the past year.
5. The used-to-new ratio declined from 2.1 to 1.8, suggesting a lack of quality used vehicle stock
1. New vehicle pricing moved from 3.9% in the second quarter of 2022 to 6.7% in the second quarter of 2023, with used car pricing moving from 8.3% to 9.8%.
2. Three-year-old used vehicles saw the biggest increase, with this segment of vehicle costing an average of 17% more than the same period last year.
3. SUVs made up more than 30% of new and used financed vehicles in the quarter, which suggests that consumers are being more discerning in their purchases and seeking out value in a challenging market.
4. The shifts in new and used vehicle pricing, combined with changes in buying preferences, saw the average loan size increase from R370,000 to R390,000 in the past year.
5. The used-to-new ratio declined from 2.1 to 1.8, suggesting a lack of quality used vehicle stock
