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Used Vehicle Prices Climb Higher As Sales Pace Slows
The higher prices at used retail reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles.
Read More →The higher prices at used retail reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles.
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Four years after COVID emerged, vehicle prices are easing down amid some supply kinks, electric vehicle uncertainty, rising operational costs, and AI potential.
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The industry's first EV-specific valuation algorithm includes proprietary analytics from 100 million real-world EV battery data points.
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For the full year, Cox Automotive estimates sales for used retail were down about 3%, curtailed by a constrained supply of newly used vehicles in the market.
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All major vehicle segments saw price declines compared to last month, with most categories exceeding the average industry decline.
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In another high profile indicator of consumer EV skepticism, the auto rental giant will sell off the EVs to avoid further financial losses.
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Manheim expects constrained growth with a volume increase of less than 1% in 2024, indicating a return to a more normal market.
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Cox Automotive welcomes a return to normalcy after four years of everything but normal, with nothing in the data suggesting vehicle market surges in any direction.
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Wholesale supply ended November at 30 days, up one day from the end of October and flat year over year.
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While the used vehicle market is not fully back to normal, it shows signs of more stability and balance.
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Analysts are expecting a measured movement through December and the year, which should reach the January forecast for a 4% year-over-year decline.
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