Retail vs market value of pre-owned vehicle

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When your car is repossessed it has a major impact on your life. (iStock)
When your car is repossessed it has a major impact on your life. (iStock)

Cape Town - As the South African economy continues to bite, consumers are turning to the second-hand vehicle market as an affordable option with more variety when it comes to purchasing a vehicle.

But the used car market can be a confusing place, especially if you’re trying to determine the value of a vehicle. Despite any salesperson’s best intentions, many, if not most consumers today would admit to not knowing the difference between the retail and market value of a vehicle.

Attie Blaauw, head of personal lines underwriting at Santam, explains that the current economic climate is a major factor causing a shifted emphasis on the acquisition of vehicles in the ‘used’ or pre-owned market.

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