In South Africa, women's preferences in the motor vehicle market are shifting dramatically, as they become increasingly active buyers and sellers. Data from Lightstone reveals women are now spending 74% more on average for new and used vehicles compared to 2014.
According to Lightstone's analysis, the average price for a used vehicle financed by a female buyer surged from R172 600 in 2014 to R297 800 in 2024. Similarly, the average price of a new vehicle financed by a woman jumped from R252 000 in 2014 to R440 000 in 2024.
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Andrew Hibbert, Auto Data Analyst and Team Lead at Lightstone, explained the ratio of average used vehicle prices to new vehicle prices has remained stable over the past decade.
"In 2014, the ratio was 1.5:1, and it remains the same in 2024. The only deviation occurred between 2018 and 2021, when the ratio shifted to 1.6:1."
Despite the rising costs, the top three car brands preferred by women have remained largely consistent, though their rankings have changed. Hibbert highlighted Toyota moved from second place in 2014 to first in 2024, while Volkswagen fell from first to second, despite leading for seven of the past 10 years. Ford consistently held third place, except in 2017 when it briefly topped the list. Currently, Suzuki and Nissan occupy the fourth and fifth positions respectively.
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Women show a clear preference for new Crossover/SUV and Hatch body shapes. The Crossover/SUV category rose to second place in 2015, overtaking the Sedan, and has been the top choice since 2020. Although the Hatch's market share fell from nearly 45% in 2014 to around 30% in 2024, it remains significantly ahead of other body shapes, which each hold about 5% of the market.
The Sedan/Estate segment plummeted from second place (20%) in 2014 to fifth in 2024, now representing just 4% of new vehicle sales to women.
Since 2018, Crossover/SUVs and Hatchbacks have consistently accounted for more than 70% of sales to women, reaching 77% so far in 2024, compared to the industry average of 62% for Light Vehicle sales via dealers.
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The used vehicle market has seen a similar trend. Crossover/SUVs overtook the Sedan/Estate category in 2016 and have continued to grow in popularity.
"In 2024, Crossover/SUVs made up 41% of all used car purchases by women, with Hatches at 34%. Meanwhile, the Sedan/Estate share dropped from 20% in 2014 to around 6% in 2024," Hibbert added.
This data highlights the evolving preferences of women in the automotive market, with a clear shift towards more versatile and robust vehicle types.
Colin Windell
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