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In the first six months of this year, WesBank received 337,061 applications for vehicle finance linked to new cars. In the same period, a staggering 688 316 applications were received for pre-owned cars, said Lebo Gaoaketse, head of marketing and communication at WesBank. The main reason for the sizable interest in used cars is affordability.
South Africa’s prolonged economic challenges have caused a sharp decline in new car sales over the past year, according to data from WesBank. This trend is reflected in the monthly data released by Naamsa, the Automotive Business Council, showing a significant shift towards more affordable mobility options, particularly in the pre-owned vehicle market.
WesBank’s Business Intelligence data for the first half of 2024 underscores this shift, with applications for used cars surpassing new car applications by more than two-to-one.
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In the first six months of this year, WesBank received 337,061 applications for vehicle finance linked to new cars. In the same period, a staggering 688 316 applications were received for pre-owned cars, said Lebo Gaoaketse, head of marketing and communication at WesBank. The main reason for the sizable interest in used cars is affordability.
