South Africans have been dumping luxury car brands, and the trend is starting to filter into the used car market.
South African motorists are voting with their wallets, moving away from luxury brands like Audi, BMW, and Mercedes-Benz in favour of more affordable Chinese alternatives, and this now includes in the second-hand market.
While the overall market has seen an uptick in sales of more affordable models, luxury vehicle sales have notably dropped. The impact of this trend is most visible in the shrinking market share of luxury brands like BMW, Audi, and Mercedes-Benz, whose sales have been steadily declining over the past decade.
According to the report, 172,668 used cars were sold by the end of June 2024, marking a 2.2% increase compared to the previous year. The affordability crisis in South Africa has made these brands increasingly out of reach for many consumers. Data from Naamsa reveals that Haval sold approximately 19,904 units by mid-2024, a dramatic increase from just 872 units in 2019.These brands, along with others like BAIC, Beijing, GWM, Jaecoo, and Omoda, are now driving the growth in South Africa’s affordable car segment.Standard Bank’s vehicle finance division also supports this trend. Data shows that the share of Chinese brands in the bank’s new car financing deals increased from just over 6% in 2022 to 7.4% in the first half of 2024.
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