With many SA consumers feeling the pinch, largely because of the ongoing pandemic and the economic uncertainties that come with it, WesBank has seen a fundamental shift with new car buyers looking to the used car market for their transport needs
In August 2021, finance applications for used cars were more than double those received for new cars. In light of this, WesBank offers the following advice to prospective buyers on how to approach second-hand vehicle purchases, as well as some common pitfalls to avoid.
For example, a three-year-old car owned by one person and 30,000km on the clock with a full service history is worth more than a similar car with a patchy or no service history at all. Similarly, a car with higher mileage but in perfect condition can be worth more than one with lower mileage but with worn seats, dented body panels and general neglect for condition.
There are advantages to the consumer when purchasing a used vehicle in the franchised environment. These include formal manufacturer-approved used car programmes as well as manufacturer standards that have to be applied to a used car before it can be sold on the floor of a franchise. A consumer may not be provided with this when buying a vehicle from private sellers, other non-franchised environments.
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