The used vehicle market saw the average board value fall to just under $31,000 in October from last month. Younger used cars experienced the biggest drops in value, with 2021 models down just under 12%, and older used cars retaining more of their value, down 1. 75% to 9. 5%, since July 2022.
Crossover models, pickups and SUVs led the additional inventory buildup in October to the same era last year. models from Nissan, Ford, GMC, Jeep and Mazda are to blame for stock gains of 2% to 3. 5%.
“October saw continued declines in the secondhand price and additional increases in stocks,” said Kevin Roberts, director of industry information and analysis at CarGurus. year and remains at an increase of almost 35% compared to October 2020. An attractive trend to watch: When will the industry look to stabilize inventories and return to pre-COVID-19 levels?
Other October highlights include:
CarGurus’ full October 2022 data report is available here.
About CarGurus
CarGurus (Nasdaq: CARG) is a multinational online automotive platform for buying and promoting cars that leverages its industry-leading ad marketplace with virtual retail responses and the CarOffer online wholesale platform. The CarGurus marketplace gives consumers the confidence to buy or sell a vehicle. online or in person, and gives dealers the strength to accurately price, market effectively, acquire and sell cars quickly, all with a nationwide reach. The company uses proprietary technology, seeks algorithms and knowledge analysis to provide trust, transparency and competitive pricing for the car buying experience. CarGurus is the most visited car buying site in the United States (source: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Visits, Q2 2022, U. S. ).
CarGurus also operates online marketplaces with the CarGurus logo in Canada and the UK. In the U. S. In the U. S. and U. K. , CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as standalone logos.
For more information about CarGurus, www. cargurus. com, and for more information about CarOffer, www. caroffer. com.
CarGurus is a registered trademark of CarGurus®, Inc. , and CarOffer® is a registered trademark of CarOffer, LLC. All other product and registered names are the property of their respective owners.
1 Comscore Media Metrix® Cross-Platform, Automotive: Information/Resources, Total Visits, Q2 2022, U. S. U. S.
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