CarmaCare’s Post

🚗 Been holding off on that car purchase? 🚗 While prices remain generally high, drivers who need to switch up their wheels may have a better chance this year, experts say. 💲 Incentives between April and July are forecast to be the most attractive in the new car market. 💲 Newer used cars, or those up to three years old, are depreciating, because they are directly correlated with the recovered inventory of the new car market. 💲 Cars between five and seven years old are still holding onto pandemic-era values because of low supply, as there are fewer older cars available, the high demand keeps prices elevated. #personalfinance #carbuying #newcar #usedcar

🔥🚗 Get ready for some exciting news! Used car prices are FINALLY expected to stabilize this year! 🎉 Are you as relieved as I am? Say goodbye to those sky-high prices! 💸💔 According to Cox Automotive, wholesale prices of used vehicles are projected to end 2024 only 0.5% higher than last year. Phew! We might actually be able to save a bit of our hard-earned cash when buying a pre-owned car. 🙌💰 But hold on, don't celebrate just yet! These prices will still fluctuate due to selling seasonality and other factors. You know how unpredictable the world of used cars can be! 📉📈 And here's the kicker: even with the stabilization, prices are still higher than before the pandemic. 😱 So, let's not get too carried away with dreams of affordable rides. The average listing price for a used vehicle is around $26,091. It's a step down from last year, but hey, every penny counts, right? 💸💪 But guess who's winning in this situation? All-electric vehicles! 🌟 According to Cox Automotive, the sales of EVs are expected to skyrocket and make up more than 10% of new car and truck sales in 2024. So, if you're feeling adventurous (and have some extra cash), why not go for a shiny new electric ride? ⚡💸 In conclusion, while used car prices may stabilize, don't expect them to become affordable anytime soon. But hey, a bit of stability is better than nothing, right? 😅 If you're in the market for a used car, buckle up and get ready for the ride! And don't forget to share this post with your car-loving friends! 🚀💙 #UsedCars #CarPrices #Stabilization #Relief #ElectricVehicles #AffordableRides #CarShopping #CoxAutomotive #ExcitingNews #ShareThePost article: https://buff.ly/3S9Xf0t

What is going on in the car market? Three years ago, my wife and I had to constantly search to find a van for our growing family. At the time, used car prices were rising and cars were hard to find. With Covid imbalances close to normal, used car prices are falling and annual car sales are trending up. In the PDF, First Trust shares 1) What cars are selling today? (Light Trucks) 2) Direction of used car prices. Down. 3) The average age of cars on the road. Getting older. All of this likely means, car companies will continue to make Trucks and SUV's, used ca prices will continue to lower, and as cars age people will buy new cars and create more inventory for used car buyers. #usedcars #Carmarket #lighttrucks #Firsttrust #threeonthursday #economics

🚗📉 Good News for Car Buyers! 📉🚗 For the 10th consecutive month, car prices are on the decline! 📉 In the first quarter of 2024, the average price of a new car fell significantly, making it a great time to shop for your next vehicle. This trend comes as a relief amid tighter credit conditions, giving more drivers the chance to secure a better deal. Curious about how these falling prices could impact your next auto purchase? Dive into the details and see how you can benefit from this ongoing trend! 💸🔑 Read more about this development here: Bankrate – Car Prices Fall for 10th Month #AutoNews #CarPrices #Savings #CarBuying #FinancialNews #AutoSolution

Will 2024 be a good time to buy a car? Here’s what to expect, car experts say Masks | Masks | Getty Images Looking for each recent and used cars has been expensive for drivers this 12 months, as limited inventory and high borrowing costs weighed on affordability. “Rates of interest have taken an enormous toll on purchasing power,” said Ivan Drury, chief research officer at Edmunds. Nevertheless, experts say consumers could start seeing lower prices in 2024. Supply chain improvements should boost inventories, while rate of interest cuts are on the horizon. “2024 will probably be a a lot better time for consumers to purchase a automotive in comparison with this 12 months,” said Paul Waatti, an industry analyst at research firm AutoPacific. More from personal finance: Released? These 6 steps can assist you begin to regroup Listed below are ways to spend your money on the last minute, using it or lose it. Here’s make sure that your recalled automotive is roadworthy November was the third month in a row wherein the typical transaction price of a brand new automotive was lower than last 12 months. Based on Kelley Blue Book data, the typical recent automotive sold for $48,247 in November, up lower than 1% from October but down 1.5% from a 12 months ago. Edmunds estimates the November average is barely less, based on data provided to CNBC – $47,939. “As supply increases, we are inclined to see more incentives.” In 2023, low inventory in a high-demand market left little room for discounts. Experts say that may likely change next 12 months as dealers will probably be motivated to sell more cars on the lot. “As supply increases, we are inclined to see an increasing number of incentives for hoods,” Waatti said. Automobile buyers could also see more models with lower sticker prices before discounts. As supply chains proceed to normalize, “we’ll begin to see automakers produce more low-end models which can be cheaper, which should help lower the typical monthly payment,” he said. Electric vehicle buyers can see more offers Most consumers who bought a brand new electric vehicle last 12 months still consider themselves “early adopters,” buyers who wish to have the newest technology and are not as price-sensitive, Waatti said. “At this point now we have already searched just about all early adopters. Now we see that there’s a natural demand for electric vehicles, however it is just not that great, which causes a slight decline in sales,” he said. Some automakers are recalibrating their production in response to lower demand. For instance, Ford engine plans to chop F-150 Lightening production in half in 2024. “That is a really big number,” Drury said. Similarly, General Motors claims to be pushing back the launch of the all-electric Chevrolet Silverado by one other 12 months, Drury said. “We had very high hopes, many expectations for these vehicles… they will not be coming true,” he said. While market growth is predicted...

The used vehicle market is back in action! A recent Edmunds report highlights how easing prices and increased supply are drawing in consumers who held off on purchases. Ivan Drury from Edmunds notes a rise in the average trade-in age, signaling renewed buyer interest. The growing price gap between new and used cars is pushing more shoppers towards used vehicles. With affordability as a key factor, used car sales are soaring! Read more in Fox Business Network: https://ow.ly/Ipob50RJMa5 hashtag #UsedCars #AutoMarket #EdmundsReport #autodealerships #dealership #cardealership #automobileindustry

The used vehicle market is back in action! A recent Edmunds report highlights how easing prices and increased supply are drawing in consumers who held off on purchases. Ivan Drury from Edmunds notes a rise in the average trade-in age, signaling renewed buyer interest. The growing price gap between new and used cars is pushing more shoppers towards used vehicles. With affordability as a key factor, used car sales are soaring! Read more in Fox Business Network: https://ow.ly/Ipob50RJMa5 #UsedCars #AutoMarket #EdmundsReport #autodealerships #dealership #cardealership #automobileindustry

The UK new car market fell by a record 97.3% in April. Latest automobile registrations within the UK fell by a record 97.3% in April as a result of the coronavirus crisis, in keeping with the Society of Motor Manufacturers and Traders (SMMT). Just 4,321 latest cars were registered this month, around 156,743 fewer than in April 2019, and lots of of them were delivered to key staff and public services and businesses on the frontline. The decline was the steepest in modern times and is in step with similar declines across Europe, with France down 88.8% in April and the Italian market down 97.5%. Fleet orders made up by far nearly all of the market, accounting for 71.5% of market share, comparable to 3,090 units, while private buyers registered just 871 cars, down 98.7% year-on-year. The disruption was reflected across all segments and fuel types, with the number of recent petrol and diesel cars on UK roads falling by 98.5% and 97.6% respectively, while the variety of plug-in hybrid vehicles (PHEV) decreased by 95.1% and hybrid vehicles (HEV) by 99.3%. . Meanwhile, the area of interest battery electric vehicle sector saw a smaller percentage decline of 9.7% as some pre-order deliveries of the most recent premium models were achieved. Despite the closure of showrooms in April, firms managed to offer support to key staff, essential businesses and frontline services. Meanwhile, the industry continues to maintain service and repair shops open to take care of the vehicles which are so critical to the protected movement of essential services, goods and folks across the country. The news comes after SMMT published its latest latest automobile market forecast for 2020, lowering previous expectations to simply 1.68 million registrations. This puts the sector on target to record its worst performance since 1992, at 1.59 million units, below levels seen in the course of the financial crisis and around 27% lower than the two.31 million latest cars registered in 2019. Still, it is predicted that the BEV market will double in 2020 to 77,300 units because the market strengthens with the introduction of recent models. Mike Hawes, SMMT chief executive, said: “With UK showrooms closed throughout April, the worst market performance in living memory is unsurprising. Nevertheless, these numbers remain extremely grim, especially for the a whole lot of 1000’s of individuals whose lives depend upon this sector. A robust latest automobile market supports a healthy economy, and because the UK begins to plan for economic recovery, automobile retail must be on the forefront. “Safely restarting this most crucial sector and reviving inevitably subdued demand can be key to unlocking manufacturing and accelerating the UK’s economic recovery.” Industry response Stephen Haddrill, CEO of the Finance and Leasing Association, said: “While measures to regulate the spread of coronavirus are entirely mandatory, SMMT data shows the stark reality of the lockdown ...

Some really interesting insights in cap hpi February data. Generally, the market for used cars is looking a lot healthier, but one insight about EVs made me sit up: 📣 Just 20% of dealers were stocking used EVs. This caught me by surprise given the pace of transition we're going to see and the number of off-lease electric vehicles transitioning into the used market in the short-term.

Used car market has strongest start to a year since 2019, new Society of Motor Manufacturers and Traders (SMMT) data shows https://lnkd.in/er8nv7n9 #cardealer #usedcars #sales Mike Hawes Ian Plummer