OEMs and franchised dealers face a daunting task to deliver sales mix and volume expectations in the new car market as many private buyers find young used cars much more attractive thanks to recent price drops, according to Vertu Motors, one of the biggest motor retailers in the AM100. Its latest trading statement notes that after falling used car prices have stabilized, Vertu has actively worked to increase the turnover of used vehicle stock and reduce overall inventory levels. As a result, there has been an improvement in gross profit per unit from used vehicle sales in recent weeks. Manufacturers…
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Good News for Car Shoppers: Vehicle Prices Are Dropping
The AutoTrader Price Index is showing a drop in car prices, signifying the first time new car prices have declined month-over-month since February 2021, while used car prices continue to decline as well. In December 2023, the average price of a new vehicle stood at $67,259. That’s up a substantial 14.2 per cent from the same month a year before, but the figure has been slowly and steadily falling. Prices were down 0.4 per cent in October, 0.1 in November, and 0.3 per cent in December after reaching record highs in September. Find a Great Deal on Your Next Car…