Auto Insights | April 2022
The South African vehicle market is at a crossroads … with better times on the horizon
Our lead story – New vehicle sales grow despite tough market conditions – reports that new vehicle sales in March 2022 were 16.2% up on March 2021, despite a semi-conductor shortage constraining production and other economic headwinds. And the timing could not be better after a difficult period for new vehicle sales which has seen the average age of a vehicle on South Africa’s roads steadily increase.
We unpack this development in The average age of vehicles in South Africa is rising, and follow it up with South Africans buying older used vehicles. This story, amongst other facts, points out that the sale of vehicles under two years of age is down from 35% to 10% in seven years.
We are hopeful that the market recovery which began in late 2020, and has continued to accelerate into 2022, should see the average vehicle age plateau in 2023 before potentially starting to dip in 2024.
We also recently announced our Quarter four winners of Lightstone’s Star Reacher F&I Awards programme.
Enjoy the read!
New vehicle sales grow despite tough market conditions.
New vehicle sales in March 2022 (50 465 units) were 16.2% up on March 2021, according to naamsa.
The average age of vehicles in South Africa is rising
The average age of a vehicle on South Africa’s roads is steadily increasing as relatively fewer new vehicles have been sold over the last five years.
South Africans buying older used vehicles
South Africans are buying older used vehicles in another sign that the country is battling tough economic conditions, exacerbated in the last two years by the pandemic.
Lightstone Star Reacher F&I Awards Quarter 4 winners
The Lightstone Star Reacher F&I Awards programme recognises and rewards top performing F&I Managers, with great quarterly and annual rewards.
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