The Q4 2023 TransUnion Vehicle Price Index
The VPI measures the relationship between the price increase for new and used passenger vehicles, drawing from 15 top-volume manufacturers.
VPI Q4 2023 Results
The South African vehicle market faces tough economic conditions, including rising inflation, increased fuel costs and currency volatility. These all contributed to driving financed vehicle sales down more than 4% and new passenger vehicles down 6.3%. This was reflected in a notable decline in vehicle financing as in response, consumers moved toward more affordable mobility options, such as older, less costly used vehicles and alternative financing and ownership models. However, manufacturers introducing discounts and incentives offer hope for market recovery and growth amidst economic challenges. The industry's focus on financial inclusion and embracing new mobility trends is crucial for overcoming these obstacles and achieving sustainable growth.
“Overall, the macroeconomic climate remains incredibly challenging for consumers and continues to affect buying power and spending habits. The South African vehicle industry’s ability to adapt and innovate, particularly in embracing new mobility trends, will be essential for sustainable growth.”
– Lee Naik, Chief Executive Officer, TransUnion Africa
VPI Q4 2023: Insights
The average financed amount for vehicles rose to R396,000 in Q4 2023 from R386,000 the previous year, reflecting a growing market trend.
18%
27%
55%
<R200,000
R200,000-R300,000
>R300,000
VPI Q3 2023 Assets
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