The VPI measures the relationship between the price increases for new and used passenger vehicles, drawing from 15 top-volume manufacturers.
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Rising interest rates, inflation and economic contraction drove affordability challenges, resulting in a 6% decline in new vehicle sales. Consumers increasingly turned to used vehicles, reflected in a 3.7% drop in financed vehicle sales and a shift toward lower-cost options.
Despite financial pressures, average loan values rose to R400,000, highlighting the strain on buyers. However, innovative financing options, such as subscription-based models and pay-as-you-drive services gained traction, providing more flexible solutions to meet consumer demand amidst ongoing economic challenges.
"The focus should be on adapting to changing consumer preferences, leveraging the rise of EV technology, and offering more flexible financial solutions. These strategies will be essential for the industry’s long-term sustainability and growth.” - Marcia Mayaba, Sales Vice President: Auto Information Services
17%
28%
55%
<R200,000
R200,000-R300,000
>R300,000
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