More used vehicles priced between $20 - 30K are available One interesting trend to watch - at what point will the industry look to level off inventory to avoid going back to pre-COVID levels.”Īdditional highlights from the October report include: “Even with significant pricing declines the last two months, used car prices are still up 3% compared to where they were last year and remain up nearly 35% compared to October 2020. “October saw a continuation of used price declines and new inventory increases,” said Kevin Roberts, Director, Industry Insights and Analytics at CarGurus. The biggest gainer in new inventory is the Chevrolet Silverado 1500, accounting for 7% of the total inventory increase over October 2021, and other models from Nissan, Ford, GMC, Jeep, and Mazda are all responsible for inventory gains from 2% to 3.5%. Leading the new inventory increase in October were crossovers, trucks, and SUV models compared to this time last year. Younger used vehicles reported the most significant price declines, with 2021 models declining just under 12%, with older used vehicles holding their value more, only declining 1.75% to 9.5%, since July 2022. The used vehicle market saw the average listing price decline to just under $31K this October compared to last month. New vehicle inventory levels rose nearly 10% month over month and up over 65% compared to last year, but still significantly less than pre-COVID levels. October’s report saw used vehicle prices decline 1.8% this month but remain above where they were last year. 1 visited digital auto platform for shopping, buying and selling new and used vehicles 1, today released its October 2022 Intelligence Report. 03, 2022 (GLOBE NEWSWIRE) - CarGurus (Nasdaq: CARG), the No. Must take retail delivery by October 2, 2023.Last month continues the trend from SeptemberĬAMBRIDGE, Mass., Nov. Not available to Pennsylvania residents see your dealer for details. May not be combined with other preferred lender financing offers. Finance charges begin to accrue on the date you sign the Retail Installment Sale Contract at the Annual Percentage Rate (APR) disclosed in the contract. Well-qualified customers who purchase a new, used, or certified pre-owned vehicle, 4 model years or newer with less than 60K miles between August 1, 2023,and October 2, 2023, and finance through a participating dealer and lender have the option to defer monthly payments for 90 days from contract date. Please contact the dealership for more specific information. Vehicles may be available for transfer upon request. Dealer not responsible for errors and omissions all offers are subject to change without notice please confirm listings with dealer. All prices include all manufacturer-to-dealer incentives, which the dealer retains unless otherwise specifically provided. Out-of-state buyers are responsible for all taxes, government fees, and title/registration fees in the state where the vehicle will be registered. All advertised vehicle prices exclude options offered by the dealer and displayed on the vehicle’s window sticker addendum and, as applicable, Alabama “Dealer Administrative Charge” California “Dealer Document Processing Charge” Kansas “Dealer Administrative Charge” Missouri “Dealer Administrative Fee” North Carolina “Dealer Administrative Fee” South Carolina “Closing Fee” Tennessee “Dealer Processing Fee” Texas “Documentary Fee” and Virginia “Dealer Processing Fee.” All advertised vehicle prices include, as applicable, Florida “Predelivery Service Charge” and Georgia “Dealer Administration Charge.” All prices exclude all taxes, tag, title, registration, and government fees.
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