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Used car sales are booming - and prices are skyrocketing
Manufacturers sold 464 122 new vehicles in South Africa in 2021, up 22.1% over 2020.
The National Association of Automobile Manufacturers of South Africa (Naamsa) expects vehicle sales to increase by 8% this year.
Second-hand car sales are also on the up.
The Money Show’s Bruce Whitfield interviewed We Buy Cars founder Faan van der Walt (scroll up to listen).
[Used] cars are getting more expensive...
Faan van der Walt, founder - We Buy Cars
We expect an uptick in new vehicle sales as supply chain issues are resolved… There are so many [new] models that are desirable but simply not available…
Faan van der Walt, founder - We Buy Cars
There were over 1.5 million used vehicle registrations in 2021… A shift from new to used, but we expect that to shift back…
Faan van der Walt, founder - We Buy Cars
We’re going international… We looking to open in Morocco and Egypt soon… I’m very conservative… Once it’s proven we can ramp up quickly…
Faan van der Walt, founder - We Buy Cars
This article first appeared on CapeTalk : Used car sales are booming - and prices are skyrocketing
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