WeBuyCars decides against entering the new vehicle market

WeBuyCars in Richmond Park on 31 January 2024 in Cape Town. Picture: Gallo Images/Misha Jordaan JSE-listed used vehicle buyer and seller WeBuyCars has decided against selling new cars and has welcomed the strong growth in new vehicle sales driven largely by cheaper Chinese vehicle brands. WeBuyCars chief marketing officer Rikus Blomerus tells Moneyweb the sale of new cars is not a direction the company is going in at this stage.

“We still have to grow a lot more in the used market and focus on a lot of things in our current business operations – getting better and striving to be the best and so forth – before we pursue that,” says Blomerus. “Maybe for the long term it might be on the cards but it’s not something that we are actively pursuing and strategising on at this stage.” Blomerus’s comments follow Moneyweb exclusively reporting in June last year thatWeBuyCars confirmed it had been approachedby some original equipment manufacturers (OEMs) about the possibility of it also selling new cars. Blomerus said at the time there is only a small overlap of about 20% to 25% of people who sell their current vehicle to WeBuyCars and buy their next vehicle from the company, adding that about 30% of those “who sell their vehicle to us buy a brand new vehicle, which we do not offer at this stage”.

The company has declined to name the vehicle brands that approached it about possibly selling their new vehicle models. Blomerus says this is an interesting time for OEMs, particularly as new vehicle sales have been so strong, but notes that the bulk have been cheaper-priced vehicles, currently dominated by Chinese importers. “If you look at the stats, it’s scary how new car sales have grown year-on-year,” he says. South Africa’s new vehicle market in 2025 finally recovered to above 2019 pre-Covid-19 pandemic levels to hit sales highs not seen in a decade.