29 August 2025: South African millennials are increasingly shaping the local automotive landscape, despite global trends toward alternative mobility. Young buyers under 35 now make up 45% of WesBank’s customer base, according to Declan Jones, Head of Vehicle Ecosystem Development at WesBank, who shared these insights at the 2025 Festival of Motoring at Kyalami Grand Prix Circuit.
Jones highlighted consumers’ growing demand for affordability, reflected in extended finance terms. As of July 2025, the average repayment period stood at 72 months for new vehicles and 76 months for used cars.
Turning to New Energy Vehicles (NEVs), Jones noted a rising appetite for pre-owned NEVs despite limited stock, signalling an evolving market and shifting consumer preferences. Between January 2022 and July 2025, WesBank financed 287 battery electric vehicles (BEVs), split almost evenly between new (51%) and used or demo models (49%).
“Monitoring the NEV market as a whole—including pre-owned vehicles—is essential for future planning, from charging infrastructure deployment to potential incentives,” Jones said. He stressed the importance of the used NEV market as a more affordable entry point for consumers constrained by cost.
Discussing the growth of Chinese automotive brands in South Africa, Jones observed that these brands have yet to reach full maturity. In a mature market, he explained, the ratio of new-to-used vehicles would mirror the broader industry, where pre-owned vehicles outsell new cars 2.36 to 1.
In a recorded message, NADA Chairperson Brendon Cohen described 2025 as a strong year for local car dealerships, citing factors such as the arrival of new brands, steady inventory levels, stable fuel prices, interest rate cuts, and a relatively consistent socio-economic environment.
Despite the market’s overall strength, Cohen acknowledged ongoing financial pressures on consumers, with the sub-R400,000 segment dominating purchasing activity. Looking ahead, he expects continued economic pressures and global trade uncertainty to temper growth. “Absent any major shocks, we should see sustained, albeit gradual, market expansion,” he concluded.
