BusinessTech
New sales data from vehicle financing company Wesbank shows that the average value of brand-new cars financed in August was R377,252, down from R378,749 over the same month a year ago.
However, a price tag over R300,000 seems to target the minority in South Africa, partly due to the current economic climate of high inflation, interest rates, and living costs – while a price point under the R300,000 mark looks to be the sweet spot for many South Africans looking to buy a new car.
Data from credit reporting agency TransUnion noted that 55% of buyers in South Africa seek out cars below the R300,000 mark.
Additionally, the percentage of cars (new and used) being financed below R200,000, between R200,000 to R300,000 and over R300,000, have had a year-on-year movement for the second quarter of 2022, with more cars being financed above R200,000.
It’s not much of a surprise that the price bracket of R200,000 to R300,000 is popular in South Africa, as it offers a great selection of both hatchbacks and crossover SUVs.
New data from the National Association of Automobile Manufacturers of South Africa (Naamsa) also showed that South Africa’s new-vehicle market continues to be on an upward trajectory year-on-year.
Toyota continues its reign as the leading manufacturer of local car sales in September 2022, with Volkswagen Group in second and Suzuki Auto third – all of which feature on this list.
The top ten cars you can buy under R300,000 in South Africa right now are listed below.
Renault Kiger 
VW Polo Vivo
Mahindra XUV300
Suzuki Vitara Brezza
Nissan Magnite 
Kia Rio
Hyundai Venue 
Mazda2 
Toyota Corolla Quest 
Chery Tiggo 4 Pro 
Read: Hijacking is on the rise in South Africa – these are the cars that criminals are after
Comments section policy:
Subscribe to our daily newsletter
