Used-Car Market Moderates: Demand Drops 8%, Prices Decline 6% – April Industry Insights Report by Cars Commerce Inc.
Are you in the market for a used car? Well, you’re in luck because the latest report from Cars Commerce Inc. reveals some interesting insights into the current state of the used-car market. According to the report, demand for used cars has dropped by 8%, leading to a 6% decline in prices. This means that now might be the perfect time to snag a great deal on a pre-owned vehicle.
Rebecca Lindland, senior director of industry data and insights at Cars Commerce, notes that the automotive industry is experiencing a period of stabilization after years of volatility. While vehicle costs have increased, there is a silver lining for consumers with more affordable new cars entering the market. This shift is providing relief for buyers who may have been feeling the pinch of higher prices.
One of the key highlights of the report is the gradual improvement in new inventory and consumer demand. The average price of a new car has remained stable at around $49,111, with automakers introducing more vehicles priced under $30,000. This has led to an increase in new-car inventory levels by 35% compared to the previous year, giving consumers more options and reducing the need to compromise on their vehicle choices.
On the used-car front, prices have decreased by 6% compared to the previous year, but they still remain elevated. Despite this, there has been a slight decline in consumer demand, indicating ongoing challenges in the market. However, as the market adapts, both buyers and sellers are adjusting to the changing landscape shaped by high new-car prices.
The report also delves into trends in the trade-in and wholesale market, as well as the electric vehicle (EV) market. It notes that the EV market is seeing an increase in inventory, leading to a 5% reduction in new EV prices year over year. This adjustment is aimed at stimulating demand in a segment that is still growing but at a moderate pace.
Overall, the report paints a picture of a market that is gradually stabilizing and adapting to changing conditions. With prices declining and demand moderating, now might be the perfect time to explore your options in the used-car market. For more insights from the report, you can visit the Cars Commerce website.
So, if you’ve been thinking about buying a used car, now might be the time to make your move. With prices on the decline and demand easing, you could find a great deal on the vehicle of your dreams. Happy car shopping!