It’s a buyer’s market for used cars, says AutoTrader

18th June 2020 By: Irma Venter - Creamer Media Senior Deputy Editor

Used car buyers are in for a treat – some of the country’s most-loved vehicles are now selling for R10 000 to R40 000 less than what they cost in March, says the country’s largest motoring marketplace, AutoTrader.

The company’s team of data specialists analysed the average prices for cars sold in March (pre-lockdown), compared with those sold in May.

AutoTrader CEO George Mienie says the price reductions vary from vehicle to vehicle. 

“For example, a Toyota Corolla with 89 000 km to 93 000 km on the clock sold on average for R228 484 in March and for R184 300 in May – that’s R44 184 less for the same car. 

“This trend can also be seen in bakkies. The Isuzu KB, for example, with between 132 000 km and 134 000 km in mileage, sold for on average R11 007 less in May versus March – a price drop from R223 205 to R212 198.”

Even the country’s most popular used vehicle – the Ford Ranger – recorded a reduction on average of R10 263 for a car with a mileage between 87 000 km and 88 000 km, dropping from R320 454 in March to R310 191 in May.

AutoTrader anticipates pricing reductions like these to continue in June. 

“The entire market is down 4.1% year-on-year as recorded in our Retail Pricing Index. If you were considering buying a car before lockdown and you still have the ability to do so, now is a good time,” says Mienie.