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How a lack of off-lease vehicle is hurting the used market

Auto Service World

Off-lease vehicles are a key source of product for the used car market. In the years leading up to the pandemic, new light vehicle sales peaked in 2017 and remained strong until 2019, with lease penetration rates exceeding 35 per cent.

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Late-model used-car prices up 41% since 2019 & options below $20K are rare

Auto Remarketing

In 2019, nearly half of 3-year-old used cars sold were priced at less than $20,000. To buy one of these late-model vehicles in 2019, consumers had to shell out an average of $23,159. If you have a customer in the market for an affordable late-model vehicle, the options are fewer and far between. Now they’re paying.

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Here's How Much Used Car Prices Have Gone Up This Year

Jalopnik

Although the year began with declines in the average used car price, the trend quickly shifted. According to the CarGurus Used Car Price Index , which tracks millions of used car prices, prices drifted down from December to February. overall, since the start of the year.

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Tesla, Chrysler, and Dodge Are the Least Reliable Used Car Brands

autoevolution

Tesla and Stellantis made the cars with the most problems between 2014 and 2019, according to data compiled by Consumer Reports. As you might probably expect, the most reliable cars from that period all wear Japanese automotive logos. Here's what the nonprofit organization uncovered.

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Q3 marked ‘return to normalcy’ for used-car retail prices

Auto Remarketing

When it comes to used-car retail prices, the third quarter pointed to a “return to normalcy,” a trend that was particularly evident by this metric: late-model used cars have prices that are “notably below” those of new vehicles. drop in used vehicle prices compared to the typical 0.7% year-over-year drop.

Used Cars 111
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Used-car sales pick up pace after slow start to 2024

Auto Remarketing

The retail used-car market, including the certified pre-owned segment, showed some real strength last month, improving from both year-ago and January figures. Citing data from its vAuto business unit, Cox Automotive estimated that used-vehicle retail sales in February climbed 18% month-over-month and 5% year-over-year.

Used Cars 116
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Supply and demand shows up in rising used-car prices

Auto Remarketing

And as the law of supply and demand decrees, used car prices are beginning to rise, according to CarGurus’ August 2024 Intelligence Report , released this week. The report showed used-car inventory levels down in August for the third consecutive month, dropping 2% below last year and 7.4% below August 2022 levels.