Auto Trader says the used car market is on a ‘firm footing’ heading into 2024, despite a difficult end to the previous year.
The firm’s monthly Retail Price Index has found that used car prices fell 5.6% year-on-year in December to £17,064.
That result was also slightly down on November’s figure of £17,319 but experts insist there are reasons for used car dealers to be positive.The firm’s analysts found that consumer demand on the platform remained robust throughout December, up 11.7% on December 2022 – the strongest pace of growth since July.
Overall used car transactions also increased by…
Used Cars
Difficult start to 2024 for used BEVs
06 February 2024Read nextBEVs bounce back as UK new-car market starts 2024 positively
05 February 2024Read nextDiesel dominates and EVs surge as EU commercial vehicle market rebounds
02 February 2024Read nextPeriod of decline impacts used-car residual values in Poland
01 February 2024
Battery-electric vehicles (BEVs) experienced a difficult January across many of Europe’s major used-car markets. Autovista Group experts consider powertrain performances, including residual value (RV) trends and days to sell.
RVs of all-electric models presented as a percentage of the original list price (%RV), experienced a troubled start to 2024. Set against a…
Retail prices stabilizing as used sales growth returns
Consumer demand, speed of sales and transactions in the used car market all rallied in February, according to the latest data from Auto Trader.
Despite such favorable market conditions and robust underlying market health, average retail prices were down -8.3% year-on-year (YoY), marking the sixth consecutive month of decline.
There are signs, however, of retail prices stabilising, with February recording the lowest rate of month-on-month (MoM) contraction (-0.6%) since October 2023.
Demonstrating the strength of the used car market, Auto Trader recorded circa 81.7 million cross platform visits to its marketplace in February, which was a 9.4% increase on the…
Tax Season Should Bring Peak Wholesale Used-Car Values
Tax refund season has begun, which usually results in the annual peak for wholesale used-vehicle values.
Anticipating that demand, dealer business picked up in late February, according to the latest Manheim Used Vehicle Value Index. Manheim says dealers should be aware tax refund/spring selling season for used cars is getting under way.
Averaged out over the entire month of February, wholesale used-vehicle values were virtually flat for the third consecutive month, comparing December 2023, January 2024 and February. Manheim says price stability is welcome, but values were still lower than a year ago.
The Manheim Index for February, which was…
UAE used car prices see sudden sharp increases – will buyers have to delay their plans?
But in general, the availability of these vehicles has come down from other sourcing points as well, they add.What it means for potential buyers is that they will end up paying 10-30 per cent higher on their model choice than if a similar deal had been made in October or November. Throw in the higher insurance rates they need to pay on their vehicles – many used car vehicle sellers are not offering free insurance perks – and the cost of ownership has jacked up quite a bit.For the UAE’s secondhand car dealerships, it all adds up to…
Carvana Starts the Slow Climb Back Up to Recovery
From the March/April 2024 issue of Car and Driver.
Ernest “Ernie” Garcia III had a dream. Armed with a degree from Stanford and a $100 million investment courtesy of his father, Ernest Garcia II—the billionaire behind DriveTime, a major used-car dealership chain—Garcia III was uniquely well situated to give his audacious vision a shot. In 2012, he cofounded Carvana, an e-commerce platform for selling used cars. He hoped one day it would become the Amazon of secondhand-car sales, an online operation where you might buy a pre-owned vehicle with no in-store visit, hard sell, or haggling and have the new-to-you…
Surge in Used Car Market Prices and SUV Demand | Indian News | India Business News
CHENNAI: When Dilip Singh was looking to sell his seven-year-old SUVs whose odometer had clocked nearly 1 lakh km, he was surprised to find that he managed nearly 70% of the cost of the vehicle.With new car prices soaring over the last few years, the value of used cars has also gone up. In the last two years, the average ticket prices in the used car market has gone up to 6-6.5 lakh from Rs 3-3.5 lakh, said Vinay Sanghi, CEO, CarTrade group “Since new car ticket size has also gone up by around 30%, it’s spilling over to the…
Used cars: Prices will fall 5.7% in 2024, expert says
Used cars: Prices will fall 5.7% in 2024, expert says | Automotive NewsSkip to main contentNEWSOPINIONDATA CENTERVIDEOSEVENTS & AWARDSJOBSResource Center+MOREAdvertiseLeading Women NetworkPodcastsWebinarsIn the Driver’s SeatPublishing PartnersAPCO HOLDINGS: Strategies for handling new F&I dynamicsAPCO Holdings: Connected cars create new challenges and opportunities in F&IAPCO Holdings: The Wild Ride into the Future of F&IAllstate: Compliance standards are changing. Here’s what you need to know.Allstate: The ABCs of maximum F&I effectivenessAlly All Ears Podcast Episodes | The next evolution in virtual F&I…