A “great” price for a pre-owned BMW X3 in South Africa is approximately R698,176, according to AutoTrader.
The used-car platform recently introduced a new feature to its site that identifies whether a vehicle is listed with a “low, fair, great, or high” price.
The ratings are done by a machine-learning algorithm that uses real-time market data to assess the pricing of a given model in relation to similar units posted on the site.
A “fair” rating means the car is in line with the market, while a “great” rating means it’s priced below similar units but not far enough to raise any eyebrows.
A “low” badge, in contrast, means the car is unusually low-priced in relation to the market, while a “high” rating will tell you if the vehicle is being advertised at a much higher rate than its equivalents.
One important thing to note about the “high” rating is that many of the cars that receive it often come with optional extras like driver-aid technology, cosmetic additions, or a sunroof, meaning the car isn’t necessarily overpriced.
“Price ratings help shoppers easily evaluate the cost of a specific variant in comparison to similar ones that are in the market at the same time. Practically, this means it is much easier to evaluate the listed price of a car,” said AutoTrader CEO George Mienie.
The system does not award a rating to models that have insufficient data, such as rare or newly released cars, or units that either have more than 500,000km on the clock or are more than 10 years old.
Now that the feature has been live for just over a month, AutoTrader has shared its findings on a handful of South Africa’s most popular cars, including the BMW X3.
BMW X3 Price Rating in detail
The most common X3 derivative posted on AutoTrader in February 2023 was the xDrive20d M Sport, which constituted 47% of all the models listed. New, the BMW currently sells for R1,105,394.
About 89% of these units were awarded a “fair” or “great” rating, where a fair price would range from R239,900 to R1,129,900, while a great price would narrow the margin to between R309,900 and R840,000 – depending on the model year and mileage.
“High” rated BMWs were advertised between R379,950 and R1,199,995 but were often noted as having additional features like double-spoke 20-inch M alloy wheels, M Sports Suspension, and a panoramic glass sunroof.
“Low” models, on the other hand, had a sticker tag ranging from R429,900 and R709,500.
The second most-commonly uploaded X3 in February was the xDrive20d, which made up 19% of the listings and retails from R1,065,394 when new.
Here, 74% of the available units were awarded either a fair or great price, with an average of R765,735 or R698,176, respectively.
Another 20% of the stock was given a high rating, translating to an average listing of R850,177, while the remaining units received a low rating with a mean price of R606,500.
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