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…
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Car values increase along with demand for used vehicles & average years on the road
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…