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
Indicata flags prospect of used EV prices falling below ICE cars siro, 24/07/2024 Sales of sub-two-year-old EVs recorded their highest ever market share of 11.2% in February. According to Indicata UK’s latest Market Watch, this figure was assisted by a 24.9% monthly rise in sub-one-year old cars entering the market as manufacturers invested in tactical incentive campaigns to drive sales of nearly new EVs. Despite EVs having the worst Market Days’ Supply of any fuel type at 55 days, the UK balance between EV supply and demand is still one of the best in Europe. In February and March prices also continued to stabilize reducing by just 0.4 percentage points. It said the big test is likely to be the high volumes of used EVs set to come back into the market from the March 24-plate change which could put pressure on stock levels and prices according to Indicata UK’s head of sales Dean Merritt. “Each month our used EV data looks more encouraging as used prices start to fall more into line with used ICE cars. “Our February report shows manufacturer marketing tactics are working and helping drive demand for younger used EVs. The big test will be manufacturers balancing their marketing spend between new and used EV sales,” he added. Currently … Continue Reading
Good deal or scam? What to look out for when buying used car siro, 13/07/2024 WICHITA, Kan. (KWCH) – An indictment against the former owner of three used car dealershipsaccused of altering odometers and falsifying readings, raises questions about how to ensure that you’re getting a good deal with a used car purchase and aren’t being scammed. “Whenever you’re buying a car, the first thing I would always do is do your research,” advises Mike Gisick with Midwest Kia in Wichita. Gisick sells vehicles and knows the importance of knowing exactly what you’ll be getting when you’re thinking about making a big purchase. The best way to find out details on what you’re getting is to conduct an online history check through a source like CARFAX. “When you’re looking at the AutoCheck or the CARFAX, it’s gonna give you the odometer reading,” Gisick said. Now, the average consumer is going to drive about 14,000 miles in Kansas, so that helps you figure out how many miles the car should have to start with.” Most dealerships get cars from trade-ins, off-the-street sales and auctions, which can be a gamble. “Unfortunately, even at auction, we’ll get a bad purchase ourselves,” he said. You can do your best to try and avoid those bad purchases by … Continue Reading