Used Retail Vehicle Sales Accelerate in February siro, 15/08/2024 According to vAuto Live Market View data estimates, retail used-vehicle sales in February increased from January and were up by 13.5% month over month. A total of 1.49 million used vehicles were sold at retail – from both franchised and independent dealers – during February, up 10.7% year over year and the highest volume since March 2023. Spring fever and tax refund season boosted used retail sales through the month of February and dropped days’ supply to 44 at the beginning of March, down from a revised 53 at the beginning of February. Monthly Used-Vehicle Retail Sales Volume “Historically used retail sales peak in March or April of a given year as tax refunds inject money into the economy,” said Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive. “As the average tax refund is up 6% so far in 2024, consumers have been driven to the used retail market earlier in the year, leading to stronger used-vehicles sales in February than we have seen the last couple of years.” The retail used-vehicle sales estimates are based on observed unit changes tracked by vAuto, a Cox Automotive company specializing in inventory management. Retail used-vehicle sales this year, … Continue Reading
Wholesale Used-Vehicle Prices Decrease in First Half of March siro, 28/07/2024 Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 0.6% from February in the first 15 days of March. The midmonth Manheim Used Vehicle Value Index dropped to 202.6, which was down 14.9% from the full month of March 2023. The seasonal adjustment drove the decline. The non-adjusted price change in the first half of March rose 2.8% compared to February, while the unadjusted price was down 11.6% year over year. Over the last two weeks, three-year-old Manheim Market Report (MMR) prices increased an aggregate of 1.3%, which was just below the typical normal increase observed of 1.4% at this time of year. Over the first 15 days of March, MMR Retention, the average difference in price relative to current MMR, averaged 99.9%, indicating that valuation models are very close to market prices. MMR conversion is up one-tenth of a point against the previous year at the beginning of March. The average daily sales conversion rate of 64.1% in the first half of the month was below the March 2019 daily average of 65.3%. The conversion rate has risen four points from February 2024, indicating that we are seeing stronger-than-normal buying demand as wholesale markets move into … Continue Reading
Pricey Tesla Model Y fails to find favor in used car market siro, 25/07/2024 Elon Musk’s Tesla Model Y ranks as the least in-demand used car, due mainly to its high second hand price tag, according to new research from Uswitch Car Insurance. In first place, with a total of 321 listings, the Tesla Model Y is an all-electric compact SUV and despite its sleek design and impressive performance, its steep used price of nearly £38,000 ruled it out of customer favour. Following up in second place is its sister model, the Tesla Model 3 electric sedan with only 1,228 listings followed closely by the Skoda Karoq compact SUV with 1,389 total listings at a median used price of nearly £19,000. The study, carried out by the experts at Uswitch Car Insurance, analyzed factors such as average number of listings, median used price and depreciation rate over a 3-year period. In first place as the most listed second-hand car is the eminently practical Volkswagen Golf hatchback due to its appeal for young professionals and small families Following up in second place is the Ford Fiesta due to its versatile vehicle that appeals to new drivers, small families, and anyone looking for an economical car followed by the Ford Focus, one of the leading players … Continue Reading