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The degree to which a vehicle’s price changes month-over-month might be more telling, in some cases, than the year-over-year change. With that in mind, CARFAX has added month-over-month insights to its UsedCar Index reports, the first major change in these recaps since their April 2023 debut. car industry overall ?
Image source The buzz around electricvehicles (EVs) is undeniable. However, traditional gasoline cars, with their internal combustion engines (ICE), are still common on American roads. Gas-powered cars (ICE) have ruled the country for decades, but rising fuel prices and EV tax breaks are shifting the conversation.
It was March momentum for the retail used-car market. million usedvehicles, which was a 10.9% gain from March 2023 and up 18.5% million usedvehicles, compared to 4.29 million the same period of 2023, Cox data shows. million usedvehicles, compared to 4.29 from January.
Two of the experts at Experian Automotive — John Howard and Kirsten Von Busch — spent part of their time at UsedCar Week discussing electricvehicles for this episode of the Auto Remarketing Podcast. The post PODCAST: What we’ve learned about EVs in 2023 appeared first on Auto Remarketing.
As in, older cars have become the dominant force driving supply and vehicle values, according to the company’s monthly Industry Insights Report for August. The report, based on data from Car Commerce’s platforms, including Cars.com, Dealer Inspire and AccuTrade, shows used-car inventory up 2.3% from August 2022.
The latest numbers from Cars Commerce show a new-car market in flux, with prices falling as excess inventory builds up. In the used-car world, on the other hand, all is calm and steady. The age of those usedcars is steadily increasing, which means consumers are now getting an older car for the money than they had before.
higher than March 2023. At the same time, used-car prices plummeted 5.1% March’s data shows the new- and used-car markets are adjusting,” the Cars Commerce analysis said, “with new-car prices continuing to drop and used-car prices hitting their lowest point in years, signaling a move toward more typical pricing.”
Affordability and availability of usedelectricvehicles is improving, and in some cases, so are sales. Over 4% of Carvana’s sales in the first quarter were battery-electricvehicles, more than doubling their share of sales from Q1 2023, according to a study released Wednesday by the online used-car retailer.
Compact cars (down 17.6%) had the heftiest decline, followed by midsize cars (down 16.8%) and pickups (down 15.2%), Cox said. The decline for non-electricvehicles was at 13.1%, while EV values dropped 17.5% from April 2023. SUV/CUV prices were off 14.6% year-over-year and luxury prices fell 12.9%.
The year started off with expectations there might be a return to normal in the used-car market. Industry observers releasing wholesale vehicle price indices last week noted uncertainty and surprises in the market to begin the year. At Black Book, the UsedVehicle Retention Index came in at 146.3
Mixed Views on ElectricVehicle Sales and Market Expectations Dealers’ views on electricvehicle (EV) sales improved in Q1 compared to the previous quarter and last year. Franchised dealers scored 51, up from 43 last year, marking their highest score since Q3 2023. Dealer Sentiment on U.S.
The report cited its December survey of more than 1,000 consumers to show preference for SUV and trucks has dropped slightly SUVs down from 44% in 2023 to 43%, trucks from 9% to 7% and crossovers from 8% to 6% while car segments rose in popularity.
A common hesitancy consumers might have about buying alternative-fuel vehicles (even used ones) is that the cost is too high. And that assumption isn’t entirely wrong — it might be fair on some models, particularly electrics. lower than that of gas cars ($3,123). In a study, iSeeCars.com examined data from more than 1.3
Price has always been cited by car buyers as a barrier to buying a new electricvehicle. But when it comes to the used-car market, it’s not a problem at all. According to the latest research by iSeeCars , the average price of a 1- to 5-year-old used EV is now 11.4% In August 2023, EV values were 12.1%
Considering the shambolic state of the American economy, inflation, and rampant wage stagnation, I love finding stories about affordable cars and prices dropping. million one-to-five-year-old usedcars listed for sale online between August 2023… Read more.
1 electricvehicle choice among Carvana’s customers in 2023. The Model 3 continued its dominance over the sector in the online used-car retailer’s annual list of its 10 best-selling EVs. The Model 3 is by far the top-selling used EV in the nation, according to data from iSeeCars. Just like in 2022 and 2021.
After years of being overshadowed by emerging electricvehicles from Tesla and other brands, the hybrid — a gasoline vehicle that has both an internal combustion engine and an electric motor — is enjoying a resurgence in 2024. Additionally, a rise in used EV sales continues to make headlines.
We found out wh y Toyota’s twin-turbo V6s have been grenadeing themselves in 2022-2023 Tundras and Lexus LXs earlier this month, but there’s still no real fix for the issue. Now it seems car dealers are staying away from the once bullet-proof trucks. Read more.
The transition to electricvehicles is currently generating millions of pixels. The once seemingly smooth path to an all-electric future is now strewn with some unexpected potholes, but one vehicle type in the current mix deserves some added attention. This, in turn, negatively affects the value of older EVs.
economy were mostly flat in Q4 at 41, equal to the score in Q3 and two points higher than in Q4 2023. Sales Environment Improves, but Customer Traffic Remains Weak The new-vehicle sales index improved in Q4 from 51 to 54, suggesting a better sales environment. Views of the U.S. Market Conditions was cited by 37% of dealers.
Throughout their 45 years in business, BA Auto Care has continually embraced new developments in the auto industry, now repairing cars of all makes and models, including hybrid and electricvehicles. Technicians are all ASE certified, and they also receive specialized training on the newest hybrid and electricvehicles.
The Cox Automotive Dealer Sentiment Index (CADSI) shows that current market sentiment improved slightly in the first quarter compared to the fourth quarter of 2023, increasing from 40 to 42, but remains well below the 50 threshold, indicating most dealers see the current market as weak. That is no longer the case.
After a difficult sales environment in 2022, the automotive industry has experienced a noticeable recovery in 2023. These types of issues may make consumers think twice before investing in new and usedvehicle models when car shopping.
On the other hand, independent dealers scored the current used-vehicle market at 38 – an improvement from last year and last quarter – but still indicating that a majority of independent dealers perceive the used-vehicle market as weak. The index has fallen each quarter since Q2 2023, when the score was 52.
I was listening to a panel discussion with some very esteemed automotive economists recently, and in discussing the prospects of electricvehicle sales growth in the United States, a shocking, though true, fact was agreed to by all. And developments suggest that a larger presence in U.S. dealerships will be coming soon.
Cox Automotive is rolling out its usedcar industry solution that will measure the EV battery health for each specific VIN across Manheim. In addition, the company is expanding LotVision’s capabilities of reporting battery health for each unique vehicle.
Edmunds shared a wide array of electric-vehicle information on Tuesday, including insights about trade-in activities at dealerships involving a Tesla. in June 2023. from $58,487 in June 2023. That compares with an average of $47,681 for ICE vehicles and $47,616 for all vehicles in June 2024.
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