NEW YORK — Consumers often hear a car loses its value once you drive it off the lot, but that may not be the case anymore.
The automotive research firm Black Book found cars are now holding on to about 10% more of their value after three years than they were during the pandemic.
“Everybody was expecting a big drop, a shatter, an explosion, values to drop when supply came back. Totally didn’t happen,” Shane Sutherland, who owns the used car dealership Northport Motors, told CBS New York’s John Dias.
Sutherland told Dias his company Northport Motors grew tenfold during…
Used Cars
Advertisement feature: Out with the new, in with the used
Advertisement feature from Black Horse
Despite UK new car sales hitting a 30-year low in 2022, the used car market is gaining more and more momentum. At the end of 2023 alone, it grew 5.5% with almost 1.9 million units changing hands. And electric vehicles (EVs) are playing a major role, with sales soaring by 99.9% in Q3 of 2023, with a record 1.8% market share.
With more and more people turning to electric, and the government setting ambitious aims for all new cars to be zero emissions by 2035, it’s important dealers know the latest information to guide their…
Used car prices tumble again in December – but will begin to stabilize in 2024 – Car Dealer Magazine
Used car prices in 2024 are likely to begin to stabilize after the dramatic drops seen in the last three months.
Revealing a 2.1% fall in trade used car prices for December, Cap HPI director of valuations Derren Martin gave Car Dealer his predictions for the year ahead.
The December fall means trade used car prices have now dropped 10.5% in the last quarter of 2023.Speaking to Car Dealer in an exclusive video interview (above), Martin said the December figures were among the worst on record, but were still a significant improvement on the previous two months.
Martin said:…