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Used Lots Getting the Business
Many consumers are seeking out the units to save money, and the demand – higher in July than normal – is keeping supply limited and prices up.
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AE Magazine
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SEARCHMENUSEARCHMany consumers are seeking out the units to save money, and the demand – higher in July than normal – is keeping supply limited and prices up.
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In the fourth quarter, Stellantis reported new vehicle sales declined 16% to 347,669 vehicles.
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The year closed out with another week of above average weekly depreciation.
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Sales of new automobiles plunged to under 14 million vehicles in 2022, the lowest since 2011, reports Kelley Blue Book.
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With the holidays approaching, auction lanes are following the trend of past weeks of being slow.
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The most recent Consumer Price Index from the U.S. Bureau of Labor Statistics shows a slight but promising decline in used car prices.
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U.S. auto dealers cite a poor economy, higher interest rates and low inventory as the reason why, finds the Cox Automotive Dealer Sentiment Index.
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November’s SAAR of 14.1 million units rose 7.9% compared to November 2021 but was down 6.5% compared to October 2022.
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After the slowdown in depreciation during the week of Thanksgiving, the depreciation picked up the pace once again last week, but the overall market did not experience the level of declines seen before the holiday.
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But analysts predict used vehicle prices will remain higher than pre-pandemic prices for years to come.
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Last week was a short week with the Thanksgiving holiday, and the auction results reflected this with the level of declines continuing, but at the lowest level we’ve seen since the third week of July.
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