Fall

Used car prices could fall soon afters monthslong surge

NEW ORLEANS – There’s no escaping it: Over the past several months, price hikes have impacted nearly every aspect of American life.

Used-car prices surged this summer, peaking at over $25,000 for the first time ever in June 2021, according to data from Cox Automotive. In June 2020, the average price for a used car was about $19,500.

At Carbine Motorcars Direct in New Orleans, car buyers will find fewer cars on the lot. Owner Chris Carbine says he’s only purchasing about half of his regular inventory right now due to the drastic spike in prices.

FORD WANTS CUSTOMERS TO ORDER CARS ONLINE, NOT DRIVE THEM OFF THE LOTS

“It was rough at first,” Carbine said. “In purchasing we just have to be very careful in what we pay and feel comfortable that we can sell them.”

To do that, the dealership is expanding the types of cars it’s

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Used-car prices are finally starting to fall from their pandemic peaks, but deals are still far away

A car dealership lot with Ram pickup trucks.

Used-car prices will only truly get back to normal once new-car prices come down. David Zalubowski/AP

  • Used-car prices have shot through the roof in the past year.

  • The market may have finally peaked and prices are slowly returning to normal.

  • But it could still be more than a year before you can truly get a deal on a secondhand vehicle.

  • See more stories on Insider’s business page.

In today’s topsy-turvy car market, people are shelling out thousands more for used cars than they did just a year ago, with prices jumping more than 10% in June alone.

And although prices appear to have peaked, it’ll be a long while before you’ll be able to pick up a secondhand set of wheels on the cheap, experts say.

Prices are finally dropping

After surging for months, wholesale used-vehicle prices went down between May and June, according to data from Manheim

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New car sales fall 26.5% on back of latest lockdown

New car sales were down 26.5 per cent over the first 10 days of this year, hit by Covid restrictions and delays due to the administration of new Brexit rules.

In what is traditionally the busiest sales month of the year, 9,765 new cars were registered in the Republic by January 10th, down 3,523 on the same period last year.

The latest Covid-19 lockdown means dealer showrooms are closed, with sales restricted to click-and-deliver operations, although servicing departments remain open. Most of the new cars registered would have been on order by customers from the end of last year.

On top of the Covid restrictions, increased administration due to Brexit has caused some delays in deliveries. In particular, dealers are reporting that parts supplies have been impacted, though many had built up stock levels prior to January 1st.

According to Robert Guy, director aftersales for Volkswagen Group Ireland, their planning

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UK car sales fall 40 per cent in January as dealers shut in lockdown

New car sales in the UK fell by 40 per cent last month after showrooms were shut as part of the coronavirus lockdown, in the worst start to a year since 1970, figures published on Thursday show.

Some 90,000 cars were registered during January, compared with 149,000 a year earlier, according to the Society of Motor Manufacturers and Traders, an industry body.

While electric and plug-in hybrid cars experienced strong growth, sales of petrol and diesel-only models more than halved.

Showrooms were closed for almost all of the month after the lockdown began in England on January 5 but online sales and “click and collect” services were permitted.

The SMMT warned that the industry would be damaged if lockdown was extended until March, the UK’s busiest car-selling month.

In a typical year, March accounts for one in five vehicles sold in the UK, because of the new registration plate.

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