News
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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Supply and demand shifts over the last two years have had ripple effects on purchasing patterns, the condition of used assets, and pricing.
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The slowing economy has driven average vehicle sale and floor prices past a turning point compared to last year.
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All eight major market segments saw seasonally adjusted prices that were lower year over year in the first half of October.
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Higher interest rates are likely hurting used-vehicle demand because consumers can’t afford the higher monthly payments.
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The electrified digital-driven automotive sector will bring major shifts in how vehicles are bought, sold, and remarketed. Talk with industry expert and author Steve Greenfield as he outlines the big changes ahead.
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CPO has been up and down this year as it’s affected by supply and demand, but it should end the year at 2.4 million.
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Only three of eight major market segments saw seasonally adjusted prices that were higher year over year in September. The full-year Manheim Used Vehicle Value Index forecast is expected to finish the year down nearly 14% YOY, up from the second quarter’s revised forecast of a 6% decline.
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Hurricane damage, high interest rates, softening used values, and a slowing economy will all have some effect on the coming used vehicle market. The greater issue is even lower sales — as the historic decline in the lease return rate from 2022 meets up with a big drop in lease maturities and lower dealer consignments.
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See how Cox Automotive scored when its earlier outlook met the economic and market realities so far this year.
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The battery is the lifeline of an electric vehicle. Understanding battery state of health and managing driving and charging behavior will go a long way to maintaining uptime on your electric fleet vehicles.
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