Signio data indicates stable new Passenger vehicle prices

The average price of a new Passenger vehicle financed through Signio over the first five months of 2024 was R471 000, the same as it was for the corresponding period in 2023.

The price of a used Passenger vehicle for January to May was R325 000, 2.8% up over 2023.

The value of a financed new Light Commercial vehicle for the year to May was R588 000, 4.4% higher than in 2023, and for used Light Commercial vehicles it was R391 000, 2.6% higher than for the same period in 2023.

Financed used vehicle prices – year-to-date (May)

The average price of a new vehicle financed through Signio in May was R510 000, which was 0.6% above May 2023, and 2.2% up on April. The average value of financed used vehicles in May was R344 000, 2.7% up over May 2023 but unchanged from April. The ratio between new prices and used prices in May was 1.48, a drop from May last year (1.51), but greater than April (1.45).

Financed vehicle prices – new vs used

The ratio between used and new vehicle sales financed through Signio for May was 2.7:1. This is unchanged from April, and marks the highest this ratio has been since January 2021.

Financed vehicle sales – new vs used