The authoritative organization of the South African auto industry, "Car Business", issued a statement on its official website on the 6th, saying that with the improvement of the new crown pneumonia epidemic situation, the country's second-hand car market has been booming this year, showing a situation of rising volume and price.
The data shows that in the first and third quarters of 2022, South Africa's second-hand car trading volume has seen a significant increase in demand compared with the same period in 2021. This trend then pushed up the average sticker price of used cars by about 10%, from R386,682 (about RMB 151,000) in 2021 to R427,290 (RM171,000) in 2022.
In the context of the increase in volume and price, searches and advertisement views related to used car transactions have also increased by 5.64% this year. It is reported that in the South African second-hand car market industry, search and advertising views are one of the important indicators of market popularity, and relevant data indicate consumers' interest in specific car brands. Among them, Toyota Hilux, Volkswagen Golf, BMW 3 Series, Mercedes-Benz C-Class and other models are favored by South African consumers.
However, the statement pointed out that due to the recent rise in interest rates, soaring inflation and fuel prices, changes in the European and American auto markets and other factors, the bubble in the South African used car market is very likely to burst in the near future. George Meany, CEO of "Car Business", pointed out that with the further improvement of the South African economy, the supply chain problems of new cars and the shortage of automotive chips will be gradually resolved, and the demand for the used car market in South Africa will face shrinking in the next 12 months. Put downward pressure on the used car market.
