Auto Insights Newsletter | June 2024
From youth buying habits to market dips
With Youth month and elections in our rearview mirror, we explore why Crossover/SUVs are the top pick for young South African buyers and delve into the dip in May’s vehicle sales amid election uncertainty. Discover how new Light Vehicle inflation is tracking against CPI and find out how vehicle prices are stabilising according to Signio data. Check out Lightstone Auto’s Repair History feature and stand a chance to win unlimited valuations. We also celebrate the winners of the annual Star Reacher F&I Awards. Buckle up and enjoy your journey through these must-read articles!
Young buyers are big fans of Crossover SUVs
Our latest data shows that South Africans aged 35 and younger prefer Crossover/SUVs, which have reclaimed the top spot from Hatchbacks. These two vehicle types make up over 80% of purchases by this age group. Meanwhile, Double Cab Pick-ups have declined, and MPVs/Estates are gaining popularity.
New vehicle sales in reverse
May 2024 saw a 14.2% drop in new vehicle sales compared to May 2023, with a total of 37 120 units sold. Passenger vehicle sales decreased by 11.6%, and Light Commercial Vehicles (LCV) sales fell by 19.4%. Uncertainty around the national elections played a role, but optimism surrounds the new government's potential positive impact.
New Light Vehicle inflation tracking CPI
New Light Vehicle price inflation rose 5% year-on-year in April 2024, marking the third consecutive month below Headline CPI (5.2%). Monthly prices increased by 0.9% from March, which had a 1% drop from February.
Signio data indicates stable new Passenger vehicle prices
The average price of a new Passenger vehicle financed through Signio in early 2024 was R471 000, unchanged from 2023. Used Passenger vehicle prices increased by 2.8% to R325 000. New Light Commercial vehicles saw a 4.4% rise to R588 000, while used ones went up by 2.6% to R391 000.
Get under the hood and win
Lightstone Auto’s Repair History is available on LIVE and the Lightstone Auto App, helping Dealer Buyers check for accident damage, repair dates, damage values, and more. Plus, users reviewing Repair History can enter a draw to win unlimited valuations for a month!
Star Reacher winners shine
Lightstone recently announced the winners of the 2023/2024 Star Reacher F&I Awards and the ceremony was a celebratory event for the finalists. Look at some of the highlights, hear from winners and runners-up PLUS don't forget to register for the 2024/2025 competition by 30 June 2024.
New look website coming soon
Something big is on the horizon – lightstone.co.za is getting a complete makeover, and we can’t wait to share it with you! Get ready for a sleeker, more modern design, seamless browsing from any device and everything you need to know at your fingertips. Look out for more on social media and visit our website in July for the big reveal.
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