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Used car prices back to normal levels, with second-hand cars more tempting than new – Vertu – Car Dealer Magazine
Used car prices have ‘stabilised’ while ‘consumer uncertainty’ is impacting demand for new cars, Vertu Motors boss Robert Forrester has said.
Forrester was writing in the listed dealer group’s trading update for the five-month period ended January 31, 2024, issued today (Mar 4) on the London Stock Exchange. At a wider level, the update shows Vertu ended 2023 in strong cash position.
In a lengthy statement, the dealer group – which has 188 sales and aftersales outlets – referenced its guidance in December which noted a ‘notable decline’ in wholesale used car prices had occurred between October and December 2023.
Used car dealers, repair shops across San Antonio say price drops are making used vehicles more affordable
SAN ANTONIO – Marc McGurren with Spotless Auto says the used car shop likes to keep its lots fully stocked.
“That is correct,” McGurren said. “There’s this tightrope you have to walk as a car dealership to ensure that you’re stocking the right inventory and that you’re priced right cause everyone goes online to shop for a used car.”
It’s been four years since the start of the COVID-19 pandemic, during which time fewer cars were available.
With computer chip shortages and strikes among the United Auto Workers union, dealerships had difficulty bringing in new cars, and McGurren said that’s
Lane watch: Older cars show value gains as spring market blooms | Auto Remarketing Auto Remarketing
If you’ve taken older cars on trade and don’t want to retail them, the current wholesale market looks like fertile ground for those units.
While highlighting the overall wholesale market generated a 0.17% price increase last week, Black Book pointed out values for 8-to 16-year-old cars rose 0.14%.
Furthermore, the newest installment of Market Insights showed midsize cars 8 to 16 years old generated an even higher value gain of 0.44%.
“Signs of recovery in the wholesale market are emerging in mid-March, marked by a solid auction conversion rate and encouraging trends in both car and truck segments. A modest
Falling used car values are good news for consumers
Over the last six months, we’ve seen used car values starting to fall noticeably after being unusually high for almost four years – ever since Covid-19 entered our lives.
So what’s going, what’s likely to happen over the course of this year and what does it mean for car buyers? Well, the headline news is that used car prices are likely to keep falling all year long, with used EV prices falling further and faster than petrol cars, particularly in the second half of the year.
The used car market is inevitably guided by what’s happening in new car sales,
China is charging ahead with EVs. Why is the world worried?
Former US president Donald Trump stirred a controversy a few days ago when he said in a campaign speech that he would impose a 100% tariff on cars built in Mexico by Chinese companies for sale in the American market. He said there will be a bloodbath in the American auto market if doesn’t win in the November election. “Now if I don’t get elected, it’s going to be a bloodbath for the whole — that’s going to be the least of it ,” he said, adding: “But they’re not going to sell those cars.”
…Although Trump’s speech sparked a
Big win for automakers: US to finalize EV mileage ratings rule
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Used Car Market In Turmoil As Prices Collapse And Demand Wanes
Auto research firm Cox Automotive – the owner of the closely followed Manheim price index – published new data this week for October that shows wholesale used-vehicle prices continue to slide and have reached the lowest levels since April 2021.
The Manheim Used Vehicle Value Index stood at 209.4 in October, down 2.3% from September. The index is down 4% from a year ago. These wholesale prices filter into the retail side of the market with a slight lag.
“October revealed some not-so-spooky price moves, namely a reversal of the gains that were seen during the previous two months,” said