Car Market Update (Hassle Free Car Buying) Kevin Hunter the Homework Guy
CAR Market update with growing inventory for all car brands! If you've been watching Car Prices for a while, the pandemic raised car prices by dropping car inventory levels. Now, the car market has lots of inventory available, and rebates and incentives, especially at Ford, Dogde, Ram, Chrysler, Chevrolet. New Toyotas for sale.
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"Month over month, pickups were the only segment to see an increase, up 1.0%. SUVs, luxury cars and compacts fell by less than 1%, and midsize cars were down by 1.2%. Electric vehicles (EVs) took a significant hit, down 1.4% from April, but down a whopping 15.2% year over year. Non-EVs showed no change from April but were down 10.8% year over year."
"Wholesale supply ended April at 25 days. As of mid-May, supply remained flat at 25 days, which is pretty normal for this time of year but still down a day compared to 2019."
"Rental risk prices, which refer to the prices of rental cars sold at auction, declined by 13.5% compared to last year in the first half of May. The average mileage for these rental cars was down 2% from last year, So it would seem people are traveling and renting cars less.
Analyzing around two million vehicles listed for sale, we see that the market remains steady, with the Used Retail Days-to-Turn sitting at about 40 days."
"Inventory-wise, we noticed a small dip in auction sales rates, now at 56%, down by 1% from the previous week. As we said earlier, it looks like dealers are opting to KEEP more trade-ins on their lots, which could explain the lower auction numbers."
"So, what does all this mean for you? The used car market is stabilizing, while our overall economy is not exactly ship shape. If you're buying, now might be a good time to find deals, especially as prices are fluctuating, on given makes and models. For sellers, tracking your car’s value is more important than ever.
and a big part of this is knowing current inventory levels. Days’ supply of new vehicles has continued to increase hitting a new high water mark of 76 days, up from 74 days at the start of April, and a whopping 44% higher than this same time last year. Long story short, it’s a good time for a good car deal as we are entering the warming days of summer. Stellantis brands, like Jeep and Ram, are pushing those numbers up, hovering at twice the industry average."
Right now, there is a total inventory of around 2.84 million units. That’s getting very close to the 3.5 million cars we had in inventory before the pandemic, and it’s a significant 51% increase from a year ago. Quite literally, NOBODY, thought this level of inventory could ever happen again. Jeep's days’ supply jumped by 21%, and Ram is up by 14%. Both brands are well above the industry average, which is driving the overall industry days’ supply up."
"But that's not all. MINI and Mitsubishi have joined the 100+ days’ supply club. MINI saw a huge 56% increase month-over-month, hitting 108 days, and Mitsubishi climbed to 115 days, up 26%. These increases are being balanced out by still tight inventories at brands like Toyota, Lexus, and Honda. Even Porsche saw a reduction, dropping from 74 days to 64 days’ supply." "Sales have been strong, with April’s sales running 5% ahead of last year. According to Kelley Blue Book, the seasonally adjusted annualized rate of sales in April was 15.5 million, making 2024 a promising year for new vehicle sales since 2019."
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