Signio data highlights
Used Vehicle market insights

The average price of a new vehicle financed through Signio in March 2024 was R480 500, 2% lower than March 2023 and 1% down on February this year. The average value of financed used vehicles in March was R333 000, 1% under March 2023 but 1% up on February.

The ratio between new prices and used prices in March was 1.44, a drop from both March last year (1.5) and February (1.47).

Average price/deal (Rand)

The ratio of Passenger: Light Commercial Vehicle (LCV) financed deals in the used vehicle space again exceeded the situation in the overall Dealer channel (as reported to naamsa), but it has gradually declined over the last six years.

In the first quarter of 2024, 3.2 Passenger cars were financed for every LCV, down from 3.7 in 2018 and edging closer to the Passenger/LCV relationship in the naamsa sales figures for Dealers (average 2.3 Passenger: LCV between 2018 and 2024 year-to-date).

Ratio of Passenger to Light Commercial sales in Used vehicle market

The increasing prominence of the Double Cab Pick-Up in used vehicle sales has been the primary driver of the growth in the Light Commercial financed deals.

When looking at financed deals in the used Light Vehicle market, the Double Cab bodyshape’s share of market has climbed from 9.3% in 2018 to 13.4% in 2024. The only bodyshape with better acceleration was the SUV which has grown from 18.4% in 2018 to 27.6% so far in 2024.

The 5-door Hatch was still the most popular bodyshape in the used vehicle space, but its advantage has eroded and it has slipped from a 33% share six years ago to 28.9% in 2024. The Sedan shape, however, mirrored the new vehicle space and has lost share most dramatically, falling from 17.4% in 2018 to 10.1% in the first three months of this year.

Bodyshape share of used Light Vehicle market