🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Car Sales Contract In May Off The Back Of Election Anxieties

Published 2024/06/14, 09:28
Updated 2024/06/14, 09:30
Car Sales Contract In May Off The Back Of Election Anxieties
F
-
VOWG
-
TM
-

Both the new car market and used car market hit the skids in May. New car passenger sales fell by -11.7% year-on-year while used car sales were not that far behind, falling by -10.5% year-on-year and -3% month-on-month.

“While the drop in sales is indicative of a market that is coming under pressure, one must be cognizant of consumer uncertainty surrounding the elections, which impacted May car sales,” states George Mienie, AutoTrader CEO.

In May, sales in the used car market contracted by -996 units resulting in 27,729 used cars sold. The cumulative value of used cars sold amounted to R11,276,303,350, a decline of -10.5% year-on-year.

But it was not all doom and gloom. AutoTrader data shows that in May, the average car price dropped by 0.3% to R406,661… and that was for a one year younger – 2019 – model. Paying less for a younger car will be sure to warm the cockles of car buyers’ hearts.

Still, little changed in the month of May. The top ten most sold brands remained unchanged in the used car market. Toyota moved 4,700 units staying on track as the best seller ahead of Volkswagen and Ford; the Ford Ranger continued to top the best-selling model table; and the VW Polo Vivo 1.4-litre remained the top-selling variant.

In the model stakes, the Toyota Hilux continued to lose ground against the Ford Ranger, monthly sales contracting by -15% to 1,271 units versus the Ranger’s 7% increase to 1,612 units. Meanwhile, the VW Polo with 1,203 sales is nipping on the Hilux’s heels.

Despite being the oldest in the line-up with an average age of 8 years, premium sedan Mercedes-Benz C-Class grew used car sales by 16%. Models with some 101,704km mileage sold for R399,570 on average. Three-year-old Suzuki Swift models, the youngest in the model ranking, sold for an average price of R189,595.

Still with model sales, the Nissan NP200 half-tonne bakkie made a comeback in May selling 389 units with a month-on-month increase of 11% to oust the Ford EcoSport and earn it 9th spot in the ranking.

“With elections now behind us, the coming months will hopefully bring added impetus to vehicle sales and provide a clearer picture of the general health of the car market,” adds Mienie.

Top 10 Sold Used Models in May 2024

Ranked by most sold Model Sold Count Price (R) Average Mileage (km) Average Registration year Average
1 Ford Ranger 1,612 R461,005 81,589 5 years-old
2 Toyota Hilux 1,271 R446,751 106,774 6 years-old
3 Volkswagen Polo 1,203 R265,942 70,129 5 years-old
4 Volkswagen Polo Vivo 915 R195,025 56,707 4 years-old
5 Toyota Fortuner 684 R486,925 96,761 6 years-old
6 Mercedes-Benz C-Class 560 R399,570 101,704 8 years-old
7 Suzuki Swift 485 R189,595 37,476 3 years-old
8 BMW 3 Series 479 R380,968 103,815 8 years-old
9 Nissan NP200 433 R177,333 78,996 5 years-old
10 Isuzu D-Max 389 R435,032 58,914 3 years-old
Source: AutoTrader Used Car Sales Data: 1 May – 31 May 2024

The post Car Sales Contract In May Off The Back Of Election Anxieties appeared first on TechFinancials - Reliable Tech News.

Read more on TechFinancials

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.