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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. If so, how will that affect used-car prices? Will the new administration end the tax credit for new and/or usedelectric vehicles (EVs)?
It was March momentum for the retail used-car market. million used vehicles, which was a 10.9% gain from March 2023 and up 18.5% million used vehicles, compared to 4.29 million the same period of 2023, Cox data shows. million used vehicles, compared to 4.29 In February, used sales were up 4.1%
Two of the experts at Experian Automotive — John Howard and Kirsten Von Busch — spent part of their time at UsedCar Week discussing electric vehicles 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% year-over-year and 13.3%
Image source The buzz around electric vehicles (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.
Prices for the Lucid Air electric sedan are in freefall on the usedcar market, and while it shouldn’t reflect poorly on the model itself, it goes to show just where we are as an industry in terms of second-hand EVs. It’s a reality that both private parties and dealerships should accept.
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.
The Ford F-150 remained the most popular usedcar sold in the US in 2023. million usedcar sales from the last five years and calculated each model’s market share of usedcar sales nationally, but also within metropolitan areas and within states. But which was the most popular EV?
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.”
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-electric vehicles 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%.
Affordability and availability of usedelectric vehicles is improving, and in some cases, so are sales. Over 4% of Carvana’s sales in the first quarter were battery-electric vehicles, more than doubling their share of sales from Q1 2023, according to a study released Wednesday by the online used-car retailer.
The year started off with expectations there might be a return to normal in the used-car market. At Black Book, the Used Vehicle Retention Index came in at 146.3 Unresolved issues include tariffs, interest rates and incentives for electric vehicles. The Manheim Used Vehicle Value Index, meanwhile, came in at 205.6,
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. In fact, used hybrids may be a better deal than gas vehicles in terms of average overall cost-effectiveness.
Mixed Views on Electric Vehicle Sales and Market Expectations Dealers’ views on electric vehicle (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. Expectations for the electric vehicle market rose in Q1.
Price has always been cited by car buyers as a barrier to buying a new electric vehicle. 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.
After years of being overshadowed by emerging electric vehicles 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. EV sales have slowed in the U.S.
1 electric vehicle 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. We are focused on building selection across all price points to make used EVs as accessible as possible to all interested customers.”
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 electric vehicles 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. Weighted averages demonstrate the steep declines.
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. automobile dealers.
economy were mostly flat in Q4 at 41, equal to the score in Q3 and two points higher than in Q4 2023. Electric Vehicle Sentiment Declines as Policy Uncertainty Looms Dealer optimism toward electric vehicle (EV) sales in Q4 was mostly unchanged from Q3 at 43 overall. Views of the U.S. is affecting their business.
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 electric vehicles. Technicians are all ASE certified, and they also receive specialized training on the newest hybrid and electric vehicles.
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 used vehicle 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 electric vehicle 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 2023, approximately 48,000 EVs were sold in the Manheim Marketplace, a 58% increase year-over-year.
Edmunds shared a wide array of electric-vehicle information on Tuesday, including insights about trade-in activities at dealerships involving a Tesla. Perhaps of most interest to used-car managers, Edmunds said that its data through June showed 51% of all Teslas traded in to a dealership went toward a purchase or lease of a new ICE vehicle.
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