Price inflation on used vehicles increased to 7%, up from the 2.9% recorded a year before. Picture: GETTY IMAGES
This is according to TransUnion’s SA Vehicle Price Index, which measures the inflation rate for new and used vehicles. “With a long waiting list for new vehicles, consumers are opting for the used vehicle market — and prices are not going to ease soon, as interest rates remain relatively low, despite recent hikes,” he said.
Of the used vehicles, 33% are less than two-years-old, and this continues to decrease as the supply of quality used vehicles remains under pressure, noted TransUnion. Demo models made up 5% of used financed deals in the quarter, down 1% from the previous quarter, which indicates consumers remain in the market for older vehicles as quality supply diminishes and pressure on disposable income increases.
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