Used car prices soar as demand for limited inventory grows, report …

Knowing the value of your trade-in will likely get you top-dollar for it, and it could help lower the cost of your next purchase. See more

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Used Car Market Undergoing Transition From Volatility To

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Improved inventory in the new-car market has resulted in downward pressure in the used market, leaving the average price for 3-year-old and newer used vehicles $13,686 below the new-car …

edmunds.com

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Surplus Inventory Slightly Drives Down New-Car Prices As Used …

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Oct 21, 2024 · New EV inventory outpaced demand to grow by nearly 50% YoY, while sales lagged and the average price decreased 3% YoY, vs. a 2% YoY drop for all new vehicles, with …

cars.com

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Used Cars Are A Lot Cheaper Now - And This Is The Big Reason Why

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Aug 14, 2024 · Used-electric-vehicle prices have dropped even further - nearly 21% from the second quarter of 2023, and nearly 40% from the second quarter of 2022, Edmunds.com said …

morningstar.com

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Used Vehicles Getting Ready To Turn Into Inflation Headwind, After ...

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Oct 18, 2024 · Retail inventory of used vehicles at the start of October dipped to 2.15 million units, well below the 2019 range of 2.8 million to 3.0 million vehicles, and about 27% below …

wolfstreet.com

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Surplus Inventory Slightly Drives Down New-Car Prices As Used …

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Oct 21, 2024 · "The automotive market is undergoing an adjustment as new-car prices declined, with a 1.5% year-over-year drop in September driven by significant inventory surpluses, …

cars.com

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New Vehicle Inventory And Prices Rise As Used Vehicles Become …

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Nov 30, 2022 · In November, the number of used cars available fell 2.61% to 1,617,603. By the end of the month, ZeroSum anticipates used vehicle inventory to decrease further to …

zerosum.ai

FAQs about Used car prices soar as demand for limited inventory grows, report … Coupon?

Why are used car prices so high?

Credible is solely responsible for the services it provides. Growing demand and the lack of supply have driven prices for used cars up with little relief in sight, according to a recent report. Used car prices have softened recently but remain significantly higher than before the COVID-19 pandemic, according to a new Edmunds report. ...

Why is used car demand so high compared to October 2023?

CarGurus’ report showed demand for used vehicles increased nearly 6% compared with October 2023. Likewise, new car demand increased 8% year over year. But according to early October data from Cox Automotive, inventory across new and used vehicles is tighter than a year ago, and expected to remain tight, which will push prices higher. ...

Why have used cars soared in 2023?

Prices on average for used cars dropped 6.4% in the first quarter of 2023 year-over-year, but they remained 44% higher than five years ago. Part of why prices for used cars have soared is because supply can't meet demand. Drivers struggling with high inflation and interest rates seek relief in the used car market. ...

Why have used car prices soared?

Part of why prices for used cars have soared is because supply can't meet demand. Drivers struggling with high inflation and interest rates seek relief in the used car market. However, the usual spigot for used car inventory – lease returns, trade-ins and daily rentals – remains constrained. ...

Are certified pre-owned vehicles causing a growing demand for used cars?

Roberts pointed to the growing supply of certified pre-owned vehicles is one component sparking used vehicle demand as car buyers look for the assurances of a new vehicle without the high price tag. ...

What is the average used vehicle list price?

The shift in supply and stronger-than-expected demand in the second half have brought down the average used vehicle list price to $28,200, 5% lower than a year ago, when the average price was $29,700, the report stated. In September, the average used vehicle listing price was $28,400. ...