As second-hand vehicle sales continue to rise in the country, South Africans are being cautioned to exercise extreme caution when looking to buy one.
According to a recent study conducted by Grand View Research , South Africa's ' pre-owned car market continues to expand, with revenues reaching approximately 14.9 billion R272.1 billion in 2024 and projected to rise to 18.3 billion R329.4 billion by 2030 .'
In contrast, new vehicle sales have declined by 3.0 in 2024 compared to the previous year. The demand for pre-owned vehicles has led to a surge in prices, pushing the average price of a pre-owned car to R408,516 by December 2024.
The growth is largely attributed to individuals seeking more affordable vehicles due to the country's economic struggles and high fuel prices.
However, as the pre-owned vehicle market continues to boom, Siyakha Masiye, spokesperson at Miway Insurance has warned that buying a used car ' comes with both pros and con s '.