A recent report by Kavakthe startup in buying and selling used cars in Latin America, released the main data on the behavior of consumers and the Argentine used car market during the first half of 2024. In this context, Peugeot, Toyota and Volkswagen are the three brands most chosen by Argentine consumers; and Jeep, Peugeot and Chevrolet, the most sought after.
“One of the great novelties of the semester was the month-on-month growth in financing, both in Fixed rate loans as in UVAs. On average, l were carried out using the financing. That number, in fact, increased from a 21% in January to more than 33% in Junemarking a trend that grows and consolidates,” he details. Kavak.
Another very marked trend was a massive preference for fixed rate loans, which went from representing 44% to 95% of demand, as the decline in inflation and reference interest rates was consolidated.
The majority of those who finance their purchase are the age group made up of the young people between 26 and 35 years old (35 percent of transactions). Those who upgrade their car the most are buyers between the ages of 18 and 19. 36 and 45 years old (28.90%).
In this sense, the company highlights that “the Men are still the majority when it comes to buying a car, but only by a very small margin. So far this year, the gap has widened from 54% of male purchases in January to 58% in June.
Most Argentines choose the Hatchbackthe manual gearbox is far ahead of the automatic; black dethrones white as the most chosen colour.
What were the best-selling cars of the semester?
1- The 208 (Peugeot), the Etios (Toyota) and the Gol Trend (Volkswagen) were the best-selling models of the semester.
The three models remain at the top of the preferences of Argentines for the second consecutive year. They are followed by the Toyota Corolla, the Ford Ecosport, the Chevrolet Cruze II, the Fiat Cronos, the Ford Fiesta Kinetic Design, the Jeep Renegade and the Chevrolet Onixin the top 10. Completing the top fifteen chosen are: Ford Ka and Focus III, Toyota Yaris, Chevrolet Tracker and Renault Sandero.
Peugeot 208
Peugeot
What were the most searched cars on the internet?
2- The Toyota Corolla and the Ford Ecosport led the list of the most searched cars on the web. They were followed by the Ford Focus III, Chevrolet Cruze II, Toyota Etios, Peugeot 208, Volkswagen Vento, Chevrolet Tracker, Volkswagen Gol Trend and Jeep Renegade.
On the other hand, the company added that they grew exponentially the financed sales. While in January 21.04% of transactions were carried out using an installment plan, that number grew to 33.55% in June, averaging 24.66% during the first six months of 2024.
Key facts of the semester
– Fixed rate gains followers: It went from being chosen by 45% of buyers to being the option of 95% at the end of the semester.
– At the end of the semester, 1 in 3 cars was sold with financing and young people were the ones who took advantage of it the most: The younger generations lead the ranking of financed purchases: 35% of people aged 26 to 35 finance their car. Meanwhile, people aged 36 to 45 prefer to trade in their car by giving up their car as part payment.
– Half of Argentines chose the Hatchback: On average, 50 percent purchased this type of vehicle, while 24.5 percent chose an SUV, 21.8 percent a sedan and only 3.56 percent decided to buy a pickup truck. It is worth noting that the percentage choosing a family SUV as their personal car has grown compared to the previous year (21 percent in 2023).
– Peugeot also leads hatchback with its 208 li model. Among the best-selling minivans is the Volkswagen Suran; among the pick ups, the Ford Ranger. He Jeep Renegade tops the list of SUV most purchased and it is a Japanese car, the Toyota Corolla, the sedan that most people bought.
– Black surpassed white in the most chosen colors: 33.6 percent of cars sold by Kavak In the first half of 2024, it was painted black, displacing white cars to second place (21.5) and leaving gray cars in third place (19.9).
– A large majority chooses a manual gearbox, relegating the automatic gearbox: 64 to 35%. However, that number has changed compared to last year, when the percentage was 70 to 30.
1- Electronics and interior are the most frequent repairs that Kavak performs. Followed by heavy mechanics and replacement of external spare parts.
Source: Ambito
I’m a recent graduate of the University of Missouri with a degree in journalism. I started working as a news reporter for 24 Hours World about two years ago, and I’ve been writing articles ever since. My main focus is automotive news, but I’ve also written about politics, lifestyle, and entertainment.
