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Although the year began with declines in the average usedcar price, the trend quickly shifted. According to the CarGurus UsedCar Price Index , which tracks millions of usedcar prices, prices drifted down from December to February. overall, since the start of the year.
Vehicle prices continued a downward trend in July — the most of any major category in the Consumer Price Index (CPI) over the last year as the car market continues its return to "normal" following pandemic-fueled inflation. Usedcar prices fell 2.3% New car prices fell 0.2% Prices for usedcars and trucks are still 16.9%
Sending a full-size truck to auction appears to be as much of a heartburn-triggering situation for franchised dealers as seeing that new model sitting in inventory and on the store floorplan for 100 days or more. Power showed the numbers crunch unfolding that might again be pitting the used-car department versus the new-car division.
Used vehicles had 43 days’ supply at the start of June, down one day from the upwardly revised level at the beginning of May and down two days compared to the same period last year. Days’ supply continues to be constrained, reaching its lowest level for this time of year since 2021 and three days below levels seen in 2019.
A 2022 Bureau of Labor Statistics report reminds us that from the 2007 to 2009 recession — and through the onset of the pandemic in 2019 — “car and truck dealerships faced an economic shock and compressed profit margins on new vehicles.” These two critical variable functions are integrated today.
Like the number of teams still alive in the MLB playoffs, used-car prices are dropping in October. Compared to the pre-pandemic reading in September 2019, prices were up 36.6%. Segment trends The Kontos report indicates that car segment prices climbed 2.7% Trucks, meanwhile, were up 0.7% year-over-year.
According to David Abrams, the average price of a vehicle in Canada has risen from around $44,000 in 2019 to approximately $66,000 as of recently. Meanwhile, the average usedcar price has essentially doubled to $36,000 over the same period.
Before Covid hit during Trumps first term, it was pretty common for five-year-old usedcars to only be worth about a third of their original price, while more desirable cars might retain as much as half their value. And yet, if you want a used C8 with a clean title, $55,000 or so is about as cheap as it gets for now.
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