Standard Bank went digging through five years of its own car-loan and card data to see what young South Africans actually spend on, and one trend stood out above the rest: Chinese cars. Brands like Chery and Haval are now the fastest-growing part of the market, with deals up more than 423% over five years, according to the bank's 2026 Youth Barometer, compiled with research agency Youth Dynamix.
New cars, not hand-me-downs
What's striking is that young buyers trust these brands enough to buy them new: 68% of the Chinese cars financed by under-35s were brand new, helped by keen pricing, improving technology and 60- to 72-month payment plans, often with a balloon payment at the end. Choice has exploded too, from about five Chinese brands in South Africa in 2020 to 25 manufacturers offering more than 100 models today, and Chinese-brand deals jumped another 17% in just the four months to April. Toyota and Volkswagen still sell the most overall, and by financed value Japanese, German and Chinese makers hold 33%, 32% and 10%. In all, the bank financed R89.2 billion of vehicles since 2021, with under-35s making up 34.9% — most earning between R20,000 and R50,000 a month, and most still choosing second-hand cars overall even as they buy Chinese new.
Careful with credit, cool on Shein
The report also finds young people using credit more strategically as they age, typically starting with credit cards and overdrafts before moving into personal loans; under-35s now account for almost a third of all new revolving credit. Missed payments are highest among 18-to-24s but fall as buyers build a track record.
Fashion tells the opposite story to cars. Among 18-to-24s, local retailers Mr Price, PEP and Ackermans top the list, and TFG's homegrown Bash platform outranks Shein, which slips to fourth and drops out of the rankings entirely among older shoppers. On food, quick-service brands dominate young wallets, led by KFC. The picture is a generation spending with its eyes open: quick to back a Chinese car when the value is undeniable, loyal to local brands when it isn't. As the report puts it, for many young South Africans a car “is often less about luxury and more about necessity”.
