Used EV Prices Tank as Demand Craters
The latest numbers add up to a gutpunch for the resale values of used electric vehicles as the early adopter market for EVs taps out and mainstream vehicle buyers remain cautious.
The latest numbers add up to a gutpunch for the resale values of used electric vehicles as the early adopter market for EVs taps out and mainstream vehicle buyers remain cautious.
Here are the latest fleet trends to keep an eye on in an ever-evolving industry.
Culminating in over 45 days on the picket line, members at each of the Detroit Three have approved new contracts in favor of the UAW.
The latest collective figures from the Detroit Big 3 and the Asian Big 6 show a dip in October but sales are still up by a third for the first 10 months of 2023.
Lauren Baker worked in leadership and client roles with PHH and Element Fleet Management.
While the UAW strike has slowed output at auto factories nationwide, the fallout has not fully hit consumers in dealer showrooms.
The enhanced rapid cameras spread across dealer check-in, commercial check-in, and post-reconditioning are designed to capture nearly 1,900 vehicles each day.
Almost all major market segments saw seasonally adjusted prices that were again lower year over year in the first half of October.
Total 2023 EV sales will likely surpass the milestone one million mark next month as the electric vehicle market transforms due to more product and supply and downward pricing pressure.
The recent biannual ceremony celebrated 30 students who spent two years immersed in a rigorous professional development program.
The overall used-vehicle inventory volume is still considered limited and has been stuck in the 2.2 million to 2.3 million range for the past four months.
September auction sales bolstered prices through the channel, but wholesale is at a crossroads, mainly from concerns about the UAW strike possibly slowing new retail sales and moving buyers into the used market.
The fourth quarter should bring stable pricing among buyers and sellers, which should reflect only modest changes between now and the end of the year.
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