68% of young South Africans with loans are buying these cars

An overwhelming number of young South Africans who are buying new cars are financing Chinese cars over any other alternative.

This is according to the Standard Bank 2026 Youth Barometer Report, which found that the bank’s customers under 35 account for 34.9% of all vehicle purchases – 67.9% of which are buying Chinese.

As a result of this increase, Standard Bank also found that young buyers now make up over 30% of the bank’s total financed value, representing massive growth within the Standard Bank Retail Vehicle Asset Finance (VAF) portfolio.

Chinese-brand adoption among under-35 clients grew from 3.1% to 11.0% of financed cars between 2021 and 2025, highlighting the increased relevance of Chinese manufacturers within the market.

This growth has been led primarily by two brands – Chery and Haval – with Chery showing particularly strong expansion since it returned to the local market, while adoption does not end with under-35s.

By April 2026, they accounted for 16.7% of all originations, making China the third-largest country in the VAF portfolio.

Standard Bank’s data also shows that Chinese brands have moved beyond niche appeal and are becoming established competitors within the mainstream vehicle market.

This reflects the growing popularity of emerging brands that offer value-driven purchasing decisions.

Decisions that include considerations around competitive pricing, strong specifications and extended warranty offerings, which make new vehicle ownership more accessible to youth who previously have relied on the pre-owned market.

Standard Bank noted that Chinese-brand financing among under-35 clients is predominantly a new-vehicle phenomenon, with only 29.5% of youth buying new cars when all other brands are included.

“This reflects the role Chinese brands are playing in making new vehicle ownership more attainable for consumers in the key 25–34 age segment,” the bank said.

The two brands driving Chinese brand adoption

One of the most significant developments in the market has been the rise of Chery and Haval, with the two brands transforming the entry-level and mid-market segments with high-spec, competitively priced offerings.

Standard Bank found that Chinese brands have emerged as the fastest-growing vehicles in the market, increasing their sales by more than 423% between 2021 and 2025.

However, Chery and Haval did follow very different growth paths, with Chery emerging as one of the fastest-growing brands, driven by the immediate success of the Tiggo 4 Pro.

Haval, on the other hand, experienced steadier growth, which was supported mainly by sales of the Jolion and H6 SUVs, and today remains one of the largest Chinese manufacturers in the portfolio.

It is easy to see why Chery has managed to rise so rapidly through sales of the Tiggo 4 Pro, with an average deal of R312,000, and monthly repayments of R5,867.

Haval, on the other hand, has seen its steadiest growth with its Jolion models, with average deals signed at R368,000 with monthly repayments of R6,715.

While these two prominent brands are taking the lead, other Chinese manufacturers have become increasingly important in the vehicle finance landscape, particularly among young people.

Newer players, including Omoda, Jaecoo, Jetour and MG, contribute to the growth in new-vehicle sales and continue to broaden consumer choice.

That being said, the adoption of electric and plug-in hybrid vehicles (PHEVs) remains limited in South Africa, likely due to higher buying prices and a lack of reliable charging infrastructure.