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Despite ongoing economic challenges, Canadians are demonstrating resilience in their vehicle purchasing habits, according to new research from AutoTrader. While the economic landscape remains challenging, with high interest rates, gas and vehicle prices influencing decisions, Canadians are adapting.
But the marketing and data software firm understands why cars have been flying out of dealerships for the past month. But what we do know is consumers are rushing to buy new, used and certified vehicles in anticipation of severe price hikes due to tariffs that were implemented April 3. The report showed used-car sales hit 1.53
As the age of cars and light trucks continue to rise, vehicle odometer readings continue to climb, driving growth in the aftermarket for internal combustion engine (ICE) vehicles. According to Lang Marketing’s latest report, “Soaring Odometers Boost ICE Aftermarket,” light vehicles in the U.S.
While still high, prices for usedvehicles trended downward over the last year. AutoTrader reported that January 2025 prices for usedvehicles hit $36,899, down 5.7 Thats in comparison to new vehicle prices coming in at $65,317 that month, a drop of 2.9 Dealers are split on their primary sources of vehicles.
The usedvehicle market is facing significant supply challenges and a course correction isnt expected for many years to come. Daniel Ross, senior manager of industry insights and residual value strategy at Canadian Black Book described the current state of the usedvehicle market as a “horror story.”
Incentives on new vehicles: remember those? of Equipped Retail Typical new-car prices in 2022, according to Black Book, new-vehicle incentives have climbed the past two years. That was especially evident towards the end of 2024. Theyre back in a big way. After hitting a trough of 2.9%
Its not a surprise to find full-sized pickup trucks at the top of a list of Americas 100 best-selling usedvehicles. It was, however, a bit unexpected to find an electric vehicle in the top 30, and two EVs among the top 75. As has become expected, Fords F-150 pickup was the top-selling usedvehicle in the U.S.
Is now the right time for used-car shoppers to strike? There was some year-over-year easing in retail used-car prices last month, according to the latest CARFAX UsedCar Index report , which showed declines in six of the seven segments included in its analysis. month-over-month, prices for cars fell 0.9%.
iSeeCars is seeing something it hasnt seen in more than two years: rising used-car prices. The automotive search engine and research website said its latest study showed the average used-vehicle listing price in March was up 1% from March 2024, the first year-over-year increase since October 2022.
As the first quarter of 2025 ended, all was calm for used-vehicle retail prices. But, Cars Commerce reported in its Q1 2025 Auto Market Review , that might have been the calm before the storm. The report, based on data from the companys Cars.com, Dealer Inspire and AccuTrade platforms, showed used-car list prices fell 0.9%
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. This after what appeared to be sluggish start to 2024. In the first month of 2024, however, certified sales were off to a slow start. million units. year-over-year.
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.
Usedcar prices are rising. For most usedcars, anyway. million usedcars showed the Model S one of four Teslas on the list lost an average of 17.2% million usedcars showed the Model S one of four Teslas on the list lost an average of 17.2% The analysis of the retail prices of 1.4
And that’s good news for the used-car sector. Used sales jumped almost 4% in May to their second-highest monthly total in more than a year as consumers turned to more affordable used options, according to new data from automotive marketing and data software firm ZeroSum and car-shopping platform Edmunds.
With a 25% tariff on imported autos in place, much of the focus has been on its effect on vehicle prices. But the supply of vehicle inventory, already an issue in the used-car sector, looms as a factor in both the short and long term. And that was before tariffs became a thing.
Usedcars are a hot item these days even as their prices skyrocket. The latest data from CARFAX shows a surge in both used-car sales and prices that far outpaces typical seasonal patterns. This shift in consumer behavior will drive up usedcar prices as well, creating a cascading effect across the market.
The slowdown in supply of later-model usedvehicles is already having an impact in the retail car market, according to industry analyses released this month. But for $30,000 to $49,000 vehicles — which is the price range typical for 1- to 3-year-old usedvehicles — inventory fell 15%, according to Cars Commerce.
Those are not necessarily words used to describe the used-vehicle market over the last five years, but 2024 closed with analysts calling wholesale price patterns exactly that.
Edmunds director of insights Ivan Drury highlighted multiple tailwinds that could help the retailing of usedcars. What could be most beneficial for dealerships of all stripes is getting a boost of older, more affordable vehicles. Vehicles older than 9 years were more likely to be traded in for a usedvehicle,” he continued.
And as the law of supply and demand decrees, usedcar 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.
Now, 2024 was an unusual year with one of the mildest winters recorded in recent history. Similarly, a sudden drop in usedcar prices from post-COVID highs resulted in many vehicles not being repaired. Electrification of the vehicle fleet The rapid adoption of electric vehicles is also shifting the repair landscape.
The CARFAX UsedCar Index made its debut a year ago, and in an analysis recapping the latest installment , the company pinpointed three retail used-car pricing trends that have stood out. Tom Kontos, the chief economist at ADESA, has noticed a similar flattening in wholesale used-car prices. year-over-year.
It was March momentum for the retail used-car market. million usedvehicles, which was a 10.9% Through three months of 2024, dealers have sold approximately 4.38 million usedvehicles, compared to 4.29 Through three months of 2024, dealers have sold approximately 4.38 from January. and is up 1.1%
Battery electric vehicle (BEV) owners have been feeling the heat for quite some time. However, we now have another study that proves these cars are the best shot anyone has at losing money with automobiles. " Although luxury vehicles are also a money pit, BEVs take the crown when it comes to depreciation.
Cars Commerce’s latest look at the used-vehicle market is an old story. 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. from last year, while cars in the $10,000-$19,000 range, averaging 7.3
It was good news, bad news for the retail used-car market in January. Used-car demand fell over 7% from January 2023, but was up almost 14% from December. And both supply of and demand for used EVs is rising, and prices are softening. Used-car demand fell 7.6% Used prices dropped 2.9%
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
Like an accent or dialect, the used-car market can vary depending on where you (or yall or yinz) are in the U.S. And CARFAX is accounting for this patchwork of market dialects, so to speak, by adding in regional breakdowns to its monthly index of retail used-car prices. versus March 2024, according to the CARFAX data.
Filed under: Car Buying , UsedCar Buying , Maintenance Continue reading The most expensive vehicles to buy parts for in 2024 The most expensive vehicles to buy parts for in 2024 originally appeared on Autoblog on Thu, 8 Feb 2024 14:00:00 EST. Please see our terms for use of feeds.
Filed under: Lexus , Toyota , Car Buying , UsedCar Buying , Driving , Maintenance , Ownership Continue reading These are the 10 longest-lasting vehicles on the road today These are the 10 longest-lasting vehicles on the road today originally appeared on Autoblog on Sat, 17 Aug 2024 10:00:00 EDT.
This week, CarGurus released its 2025 Mid-Year Auto Market Review, highlighting five primary points, including the impact of tariff uncertainty, shifting inventory dynamics and evolving consumer preferences on the new- and used-vehicle market.
Graphic: Cox Automotive Used-vehicle inventory levels at the start of June dropped slightly month over month , but inventory was relatively flat compared to early June 2024, according to a Cox Automotive analysis of vAuto Live Market View data released June 13. Used retail were at 1.53 stood at 2.21 stood at 2.21
based on 2024 new vehicle sales volume. Car Pros Honda El Monte earned the distinction of being a top Honda dealership in the U.S. Dealership Achieves Unprecedented Growth Car Pros Honda El Monte joined Car Pros Automotive Group in 2019. In 2024, the dealership had its best year ever. It moved from no.
Looking for an affordable usedcar? The latest research from iSeeCars shows used EV prices fell 15.1% over the past year, while the cost of gasoline and hybrid vehicles dropped just 0.5%. Thats just $917 above the price of the average gas-powered vehicle, iSeeCars said. You might want to go electric.
In today’s economic climate, consumers are grappling with extreme inflationary pressures affecting vehicle ownership. Auto dealers are particularly impacted, facing challenges in vehicle availability and profitability. The Impact of Inflation on Vehicle Ownership Inflation creates significant increases in the cost of vehicle ownership.
We continue our episodes of the Auto Remarketing Podcast originating from UsedCar Week 2024 in Scottsdale, Ariz., with a lively debate about the future of electric vehicles. Listen to the episode in the window below and stay tuned for more from UCW 2024.
Amazon is planning to enter the usedcar market and help dealers sell pre-owned vehicles. The online retail giant has been selling new Hyundais since 2024, based on a partnership announced at the Los Angeles Auto Show in November 2023. Nowadays, you can buy usedcars everywhere.
Used-vehicle prices are showing a “typical seasonal rise” on a month-over month basis in the wholesale market but are down double-digits from early 2023. Meantime, used-vehicle prices on the retail side of the market “are in retreat” from peaks reached in May. Car prices were up 4.4% Car prices are off 8.7%
“Normal” hasn’t often been a word to describe the auto industry in the last four years, but 2024 could be the return of stability and typical market patterns. The data suggests a promising bounce back for the automotive market in 2024,” Black Book chief data officer Alex Yurchenko said in a news release accompanying the report.
How Dennis Dillon Auto Group Built a Winning Private-Party Buying Program Most car dealers think the best usedvehicles are found at auctions. We talked with their usedcar manager, Bryan Bough, about their private-party buying program. According to a 2024 Deloitte automotive consumer study, 71% of U.S.
A topsy-turvy ride at the county fair or an amusement park might be fun, but when it comes to used-vehicle prices, such ups and downs can wreak havoc for dealers, auctions, remarketers, forecasters and more. December is expected to be steady, with projections for an even-keel 2024. year-over-year. year-over-year.
Used-car profits soared during the pandemic. But as the market turns the corner toward the end of 2024, “usedvehicles may be finding their new normal on profitability.”
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