WeBuyCars unveiling key trends shaping the pre-owned cars market in 2024:

Webuycars logo

Over the past two decades, the market has undergone a transformative journey, shaped by advancements in technology and the increasing importance of online transactions. Entering the year 2024, the automotive market unveils promising opportunities, offering favourable conditions for obtaining pre-owned vehicles in the upcoming months.

According to Rikus Blomerus, Chief Marketing Officer at WeBuyCars, “The pre-owned market anticipates a seasonal surge in supply in the early months of this year, coupled with the normalisation of new vehicle availability. This predicts a buyer’s market characterised by intensified competition among dealers”.

He notes key trends driving the industry:

Enhancing transparency through technological integration

Blomerus points out that leveraging technology is enhancing consumer confidence through transparent decision-making. The integration of online transactions and independent Dekra used vehicle reports allows dealers to maximise transparency, providing buyers with detailed information on the condition and history of their desired vehicles. The seamless combination of technology-driven features contributes to a more empowered and satisfied customer base, ultimately elevating the overall consumer experience in the used car industry.

The internet’s impact on the pre-owned market

The internet has expanded consumers’ options in selling and buying vehicles, intensifying market competition. WeBuyCars acknowledges the importance of informed decision-making and encourages customers to conduct thorough research to ensure a competitive and honest market. Obtaining multiple quotes is seen as a crucial step in this process, benefiting consumers in the long run.

By harnessing cutting-edge technology, including machine learning, the pre-owned car dealers remain at the forefront of the rapidly evolving market. Real-time data aggregation facilitates prompt responses to market trends, allowing dealers to adjust procurement practices and meet fluctuating demand for specific models at optimal prices.

Impact of interest rates on consumer behaviour

Blomerus foresees that a decrease in interest rates could positively influence consumer behavior, potentially leading to a surge in vehicle purchases. While the Reserve Bank’s actions remain uncertain, there is hope that interest rates will drop throughout the year.

Dominance of affordable vehicles

Vehicles within the R150,000–R200,000 price range continue to dominate the market, reflecting consumer preferences for affordability and value for money, and we believe that this bracket will continue to govern demand.

Rise of new entrants

New entries like Haval and Cherry are gaining traction, offering great value for money, keeping prices competitive and challenging established players for market share.

Growing popularity of sustainable transportation

Electric vehicles are gaining popularity, signalling a modest shift towards more sustainable and environmentally friendly transportation options. Additionally, hybrid vehicles are experiencing strong demand, reflecting consumer interest in environmentally conscious yet practical transportation.


Sign up to receive our newsletter in your inbox, every month.

We don’t spam! Read our privacy policy for more info.

Verified by MonsterInsights