Pre-owned vehicle sales set to soar

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Constrained economy and global parts shortages impact new car sales

 

New car sales declined in the first quarter of 2021, according to reports by the National Association of Automobile Manufacturers of South Africa (NAAMSA), with future new vehicle sales likely to be further impacted by supply chain disruptions caused by the COVID-19 pandemic. This includes the current shortages of semi-conductors, or computer chips, which are small but important components of every new vehicle.

 

With declined new vehicle sales likely to be caused by the constrained economic environment in the first part of the year, and the supply of new vehicles likely to be slowed, the South African pre-owned vehicle market is likely to pick up over the coming months.

 

This is according to Nunben Dixon, head of Gumtree Automotive, which partners with Nedbank-backed MFC to provide finance for private pre-approved second hand car sales.

 

“With demand for pre-owned vehicles likely to drive prices up in the coming months, this is the perfect time to shop around for a good deal, if you’re looking for a new car,” Dixon says. “In the same way, those considering selling their cars would do well to list them now, particularly if their vehicle is in good condition with low mileage.”

 

Nunben adds that search data on the online classifieds site shows that buyers are looking for pre-owned vehicles from well-known brands, with NAAMSA data showing that nine of the top 10 most popular vehicles bought in 2020 were South African-built passenger cars and light vehicles.

 

The three most popular vehicles sold on the classifieds site during 2020 includeToyota Hiluxes, Volkswagen Polo Vivos, and Ford Rangers, with other popular passenger vehicles including Toyota Fortuners, Toyota Corolla Quests, and Ford EcoSports.

 

“These trusted cars hold resale value really well, run reliably, are relatively inexpensive to service, and, offer great fuel consumption performance – another important consideration in tough economic times,” Nunben says.

 

Private sellers and buyers can now both benefit from the peace of mind offered by MFC-approved vehicles listed on Gumtree, which reassures both parties with the checks and balances they would enjoy if they were to close the deal through a dealership.

 

This means that private pre-owned cars sales are simpler and safer than ever before, helping sellers secure their money and buyers to secure the car of their dreams – without concern for the dynamics impacting the new car market at present.

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