Consumers are increasingly focusing on low-mileage, pre-owned vehicles with InspectaCar Finance reporting a 160 per cent increase in applications from May 2020 when lockdown levels were first eased compared to August 2020.
Applications have stabilised to normal levels with a -0.98% decrease, and the ratio of financing used vehicles to new ones currently stands at 2:1 according to TransUnion.
According to Jason White, Joint Venture Head of InspectaCar Finance, the pandemic has accelerated search by consumers for pre-owned vehicles.
“Despite the disruption, we see a large number of online users still intending to purchase their next vehicle within the next three or four months. This can be attributed to the fact that interest rates are working in favour of the buyer, with prime currently at 7%,” says White.
“Consumers are also taking advantage of a fixed rate option on their application rates. Although slightly higher than linked rates, a fixed rate option provides peace of mind motoring in the event interest rates should increase. There has never been a better time to fix your vehicle instalment rate.”
According to White, certain ranges are getting a lot of attention, with LCVs attracting a higher than normal activity rate.
Currently, the top passenger brands for searches are VW in first position, followed by Toyota, while in the LCV market, Toyota leads the way followed by Ford and then Nissan. Data from InspectaCar also suggests that there’s still a market for pre-owned premium vehicles, based on searches from their customers’ online engagement.
In response to the strength of the pre-owned market, InspectaCar has added to their website the capability for privately listed cars to be uploaded by consumers and evaluated by InspectaCar dealers, under the “sell my car” functionality, a tool that provides a fair market value of the seller’s vehicle, provided that the quality of the vehicle is satisfactory. This tool has already been used for more than 34 assessments in the past month, and while the functionality is still new, it is yet to be put through its full capability.
“It is undoubtedly a good time to buy a car, particularly if customers have reached their breakeven point. This is where the settlement is almost equal to the trade price of their vehicle. What with the current favourable low interest rates, low fuel costs and some excellent offers available, perhaps a more affordable, lower mileage and more economical vehicle is the way to go,” concludes White.
InspectaCar is the only second-hand vehicle franchise certified by WesBank.
Charging time remains a worry for many South Africans considering an electric vehicle, who still see it as a disruption rather than a quick stop at a filling station. That view is starting to shift.
The winners of the 2026 Automotive Business Council | naamsa Accelerator Awards were announced at the recently held Auto Week 2026, which took place in eThekwini, KZN.
GWM has expanded its local SUV line-up with the introduction of the all-new Haval H7. Replacing the outgoing model, the newcomer blends boxy styling, advanced technology and a choice of petrol, hybrid and plug-in hybrid powertrains, giving buyers a versatile family SUV with genuine all-terrain credentials.
Advertisement
Advertisement
I have bad reflexes. I was once run over by a car being pushed by two guys
Woody Allen
The winners of the 2026 Automotive Business Council | naamsa Accelerator Awards were announced at the recently held Auto Week 2026, which took place in eThekwini, KZN.
With the steep rise in fuel prices since March this year leading to historic record highs following massive increases in October, the government intervention annouched this week, is widely welcomed.
Most motorists will go their entire driving lives without deliberately pushing their vehicle to the limits of adhesion. Yet a sudden downpour, a patch of gravel, standing water or simply carrying too much speed into a bend can quickly expose the limits of a vehicle's grip.
