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Used car prices under pressure

16 Apr 2013

Used-car prices in South Africa remained under pressure in the first quarter‚ according to figures released by Transunion‚ the business information and risk management company.

According to the company's Vehicle Pricing Index (VPI)‚ issued quarterly‚ used-car prices fell 1.4% year-on-year‚ suggesting the continued buoyancy of the new-car market was continuing to hammer used-car prices.

This could suggest individuals and fleet managers are rushing to buy new cars ahead of anticipated new-car inflation bought on by the weak rand.

"Despite the widening gap between new and used passenger vehicle prices‚ there has been little relief for used market dealers as new vehicles continue to find increasing favour with consumers‚" TransUnion's Mike von Höne said in a press release.

Transunion said the new/used ratio fell to 1.49 used-cars per new car in the first quarter‚ the lowest in four years.

However‚ the spectre of new car inflation gave hope to the used-car market for the rest of the year‚ Von Hone said.

"Given the weakening of the rand‚ which could result in a slight acceleration of new vehicle prices along with fuel price hikes and the inevitable introduction of toll fees for Gauteng motorists‚ it's possible that the pendulum will once again swing back in favour of used vehicles in the current year‚" Von Höne said.

Source: I-Net Bridge

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