Investing.com
Published Apr 11, 2024 07:58
Used-Car Bonanza: Supply Climbs, Prices Plummet to 32-Month Low
"As tax-return season approaches, both dealers and consumers are gearing up for a surge in car-buying activity. Dealers have expanded their new-car inventory by nearly 9% month-over-month, and consumer searches for new cars are on the rise by almost 4%. This increased activity indicates a strong consumer readiness to utilize tax refunds for vehicle purchases," said
Key March Market Highlights
March's data shows the new- and used-car markets are adjusting, with new-car prices continuing to drop and used-car prices hitting their lowest point in years, signaling a move toward more typical pricing. As interest grows, dealers are significantly expanding their inventory, especially for more affordable new vehicles. Meanwhile, the EV sector is seeing a major increase in inventory and a decrease in prices. To download the full report, visit www.CarsCommerce.inc.
Additional insights from March that are noteworthy:
New-Vehicle Supply, Demand and | ||
Supply (YoY) | Demand (YoY) | Price (YoY) |
37.2 % | -16.6 % | -1.4 % |
Used-Vehicle Supply, Demand and | ||
Supply (YoY) | Demand (YoY) | Price (YoY) |
4.7 % | -6.8 % | -5.1 % |
New-EV Supply, Demand and | ||
Supply (YoY) | Demand (YoY) | Price (YoY) |
107.7 % | 14.9 % | -4.3 % |
Used-EV Supply, Demand and | ||
Supply (YoY) | Demand (YoY) | Price (YoY) |
49 % | 37.6 % | -20.5 % |
Inventory, searches and list price on Cars.com
ABOUT CARS COMMERCE
Cars Commerce is an audience-driven technology company empowering the automotive industry. The Company simplifies everything about car buying and selling with powerful products, solutions and AI-driven technologies that span pretail, retail and post-sale activities “ enabling more efficient and profitable retail operations. The Cars Commerce platform is organized around four industry-leading brands: the flagship automotive marketplace and dealer reputation site Cars.com ®, award-winning technology and digital retail technology and marketing services from Dealer Inspire, essential trade-in and appraisal technology from AccuTrade, and exclusive in-market media solutions from the Cars Commerce Media Network. Learn more at www.carscommerce.inc.
Written By: Investing.com
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