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automarket, the word that will likely sum up 2024 is “normalcy,” according to Cox Automotive’s Forecast: 2024. auto industry. “To name a few, we saw historic appreciation in vehicle values, unimagined drops in supply, and interest rates moving from all-time lows to 23-year highs at an unforgiving pace.
According to the study, which analyzed more than 10 million 1- to 5-year-old used cars sold in 2018 and 2023, gray has gained four percentage points in those five years, rising from 15.2% of the market to 19.2%. automarket, representing 78.9% of vehicles – up from 77.2% Since then, though, silver has fallen to 11.7%
In fact, the 2024 Realtor.com Housing Market and Electric Vehicle Report found three of the top 10 and eight of the top 20 housing markets for EV ownership are in the Golden State. The San Jose-Sunnyvale-Santa Clara market ranked No. of for-sale homes on Realtor.com in in 2018 to 0.9% and Denver. “A
. “Overall, dealer sentiment is likely worse than actual market conditions,” added Smoke. Retail vehicle sales have been fairly consistent so far this year, inventory has returned to reasonable levels, and we believe interest rates have likely hit a ceiling.
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