Lower interest rates, more incentives, and increased incomes could not offset the effects of higher prices, which drove down affordability.
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Domestic sales of EVs benefitted from strong incentives from the automakers, excellent lease deals, and federal and state incentive programs.
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Commercial sales were the primary reason for 2024’s increase in sales, with broad-based growth across rental, commercial, off-lease, and repo units.
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Analysis: It appears the period of used-vehicle price correction is over with the market coming down from pandemic peaks.
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Wholesale values declined slightly more than usual at year-end, but it was still the most normal year for depreciation trends since 2020.
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Rental fleet vehicles gained the most and totaled almost half of all fleet sales last year.
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The comeback year revealed the priorities of vehicle remarketers, at least according to where their eyeballs took them online.
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Used-vehicle sales were seasonally stronger than normal last month and higher year over year by 13%.
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Used EV sales rose a whopping 63% so far year over year, while new EV sales increased about 14%.
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Many buyers waiting for the best deals realize now is the time to buy a vehicle before the new Administration's possible policy changes.
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