Insights from Cars Commerce Inc’s April Industry Insights Report: Used-Car Market Moderates; Demand Drops 8%, Prices Decline 6%

The used-car market is showing signs of moderation as demand drops by 8% and prices decline by 6%, according to the latest Industry Insights Report from Cars Commerce Inc. The report, crafted by a team of data analysts, provides valuable insights into the current state of the automotive industry.

Rebecca Lindland, senior director of industry data and insights at Cars Commerce, noted that the market is stabilizing after a period of volatility. Despite higher vehicle costs, there is a silver lining with more affordable new cars entering the market, offering relief for consumers.

Key highlights from the report include a gradual improvement in new inventory and consumer demand, with the average new-car price remaining stable at around $49,111. Additionally, used cars are seeing a 6% decrease in prices, although the average cost remains elevated compared to pre-pandemic levels.

The report also highlights trends in the trade-in and wholesale market, as well as the response of the electric vehicle (EV) market to overcapacity. The EV market has seen a 5% reduction in new prices year over year, with demand for new EVs up by 10%.

Noteworthy insights from April include the Toyota Tacoma’s success in the top searches for mid-size trucks and seasonal price increases for the top 10 most searched used cars.

Overall, the report indicates a shift towards greater stability and consumer choice in the automotive industry. For more information, you can download the full report from Cars Commerce’s website.