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Shopping for a great deal on a used car? 'We bought 900 cars more than we sold'

1 December 2020 7:29 PM
Tags:
The Money Show
Car sales
Bruce Whitfield
Cars
WeBuyCars.co.za
WeSellCars.co.za
Faan van der Walt
second hand cars
Lockdown
used vehicles

'This is the best time ever to buy new OR used vehicles'. The Money Show interviews WeBuyCars founder Faan van der Walt.

There may be nothing quite like the feeling of enjoying your freshly purchased wheels and savouring that brand-new car smell.

But harsh economic reality dictates that buying a new car is not an option for many South Africans.

On average, we've seen vehicle exports fall by more than 30%, imports fall by more than 30%; sales in South Africa down by about 30% of new cars...

Bruce Whitfield, The Money Show host
Picture credit: https://www.webuycars.co.za/

Bruce Whitfield interviews Faan van der Walt, founder and executive director of WeBuyCars.co.za.

Van der Walt says in the second-hand market they have been experiencing "brilliant sales" over the last few months.

For October and November this year we have sold nearly 13,500 vehicles at WeBuyCars, which is up nearly 30% from the previous year.

Faan van der Walt, Founder - WeBuyCars.co.za

We've also seen a great increase in motorcar dealers' demand for good quality, affordable vehicles... because new cars have become so expensive!

Faan van der Walt, Founder - WeBuyCars.co.za

But aren't they actually buying more cars than they are selling? asks Whitfield.

Since lockdown was lifted and the motor industry was allowed to trade again, we have to date bought about 9% more that what we've sold.

Faan van der Walt, Founder - WeBuyCars.co.za

We are stock-heavy at the moment which is great for the consumer because we have to move these cars, so they price very well.

Faan van der Walt, Founder - WeBuyCars.co.za

We can also see that the consumer is under stress and if they're sitting around with an extra vehicle, they'd rather sell that and have money in the bank.

Faan van der Walt, Founder - WeBuyCars.co.za

Van der Walt says there's a big demand in the R100,000 to R400,000 price bracket for good-quality, low-mileage vehicles.

At the same time, he points out, the industry needs new car sales to increase in order to in turn feed the future second-hand market.

For more info, take a listen:




1 December 2020 7:29 PM
Tags:
The Money Show
Car sales
Bruce Whitfield
Cars
WeBuyCars.co.za
WeSellCars.co.za
Faan van der Walt
second hand cars
Lockdown
used vehicles

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