Glenview Finance’s Post

Car dealers expect prices and values to continue falling. More than eight out of 10 used car dealers (84%) expect used car prices and values to continue to fall this year, new research shows.

The BC Government is making changes to the EV rebate program. Some of those changes include: 🟠SUV's, Station Wagons and Vans will no longer be in their own category, but now apart of cars. 🟠The cap ceiling for rebates will be lowered to $50,000 from $55,000. "The changes will effectively remove about 75 percent of the models that qualified for the program", said Blair Qualey, President and CEO of the New Car Dealers Association of British Columbia (NCDA). These changes are causing significant concern that it will lower the sales of EV's over all. 💡To read more, click the link below: https://ow.ly/89FQ50SouaS #evs #electricvehicles #EVrebate #EVrebateprogram #canadiancardealerships #canadiancars #canadianEVs #BCEVrebateprogram

Are Car Dealerships Finally Negotiating on Used Cars Again? Answers: https://lnkd.in/gfw9H7nr #UsedCars #CarShopping #Negotiation #CarDeals Hey everyone! 👋 A little while back, I jumped into this sub and posted a question about whether dealers were actually negotiating on used cars in today's crazy market. 🧐 The feedback back then was pretty unanimous: most folks felt that used cars were still overpriced and that it might be smarter to just buy new. Fast forward four months of searching, and I’ve got some exciting news to share! Picture this: I finally found the perfect car—low mileage, only three years old, certified pre-owned, and still under the manufacturer’s powertrain warranty. 🎉 The best part? It was originally priced at $52k, but the dealer listed it for $38k. That’s a solid 27% depreciation! After a little inspection, I noticed the brakes were only halfway worn, and used that as leverage to negotiate a sweet $3k off. So, I ended up snagging a nearly new vehicle for just 67% of the original MSRP! 💰 This move allowed me to pay cash, saving me a whopping $17k compared to buying new, plus avoiding all that interest from financing. Trust me, that's no sma...

Surge in used car sales with sixth successive quarter of growth

#fridayfacts and some #weekendwisdom Nasdaq reports: - that prices on used cars are at their lowest point in three years, but still up over 30% from 2019. - the available supply of used cars is up 3%, but still well below "normal", pre-pandemic levels. - interest rates are still quite high for #carloans, which is further deterring people from shopping this market. Here at CarmaCare, we know cars inside and out, from accelerators to wheel bearings, and to us this means two things: 1. Americans are still more inclined to hold onto their cars rather than buy or sell, which means putting more miles on and driving longer. This makes mechanical issues even more likely, and let's be honest, who wants to pay $3,000 unexpectedly at the mechanic??? 2. When evaluating purchasing a used vehicle, more and more people are looking to private sellers (i.e. that "Car for Sale" sign hanging in the windshield of your neighbor's Hyundai 😃). While typically less expensive than buying from a dealership, it's harder to accurately gauge the condition of the engine, transmission, A/C, etc. Either way, it's never been more important to get peace of mind and protect your ride in the event of future #mechanicalbreakdown. Check out how we can help 👉 🚗 💰 🎉 : https://rb.gy/ap9yqc Stay safe (and cool)! #careconomics #auto #carjunkies

So what will this mean for the used car market? Fewer part exchanges coming back in to market, keeping used vehicle prices high. Please put your thoughts in the comments.

THE DEATH OF PETROL ENGINE CARS? Reduced output from manufacturers during Covid and increased production of EV's means that the supply of used petrol engine cars will decrease permanently. While the exact timing for full adoption of EV's by consumers is not clear, used car retail businesses need to be ready. The attached article by Tom Seymour highlights what will happen. https://lnkd.in/dK3GdvJC

Richard comments on article "Fundamentals of used car market remain solid - Auto Trader" Saying: "Auto Trader figures from December highlight pockets of growth and improved profitability in the used car markets, however this is not across all age ranges or classes. Cars between 5-10 years old saw a small 0.7% decreases with cars aged between 10 and 15 years seeing a far larger 7.4% dip, with an increase in supply exceeding the demand being highlighted as the cause. However, year on year figures show that 10-15 year old vehicle values are up by 5.3%, suggesting the recent dips are more of an alignment than a concern. Based on these figures and the overall annual trend Auto Trader is predicting a small market uplift in 2024" https://lnkd.in/dV_zb25U Call: 01858 907 123 Email: [email protected] Search: www.forecourtfunding.com Eligibility Request: https://lnkd.in/dXNyNbbd Apply: https://lnkd.in/dpewu6KW

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