Need for Vehicle Affordability Becoming More Pronounced, According to New CarGurus Report
CarGurus has released its Quarterly Review for Q3 2024, highlighting key trends in the automotive market. The report emphasizes a growing consumer need for affordability amid economic uncertainty and high interest rates. Key findings include:
1. Concentrated demand for more affordable cars, with significant sales growth in the $20,000-$30,000 range for new vehicles and $15,000-$20,000 for used vehicles.
2. Hybrid vehicles outperforming electric vehicles (EVs) in sales, accounting for nearly 11% of total retail sales compared to 4% for EVs.
3. New car inventory seeking equilibrium with demand, with a 58% increase in new listings two years or older compared to pre-Covid averages.
4. Potential impact of the upcoming election on vehicle sales, based on historical data.
5. immediate impact of recent interest rate cuts on auto loan affordability.
CarGurus ha pubblicato la sua Rassegna Trimestrale per il Q3 2024, evidenziando le principali tendenze nel mercato automobilistico. Il rapporto sottolinea un crescente bisogno di accessibilità da parte dei consumatori in un contesto di incertezza economica e alti tassi di interesse. I risultati principali includono:
1. Domanda concentrata per auto più economiche, con una significativa crescita delle vendite nella fascia di prezzo da $20,000 a $30,000 per i veicoli nuovi e da $15,000 a $20,000 per i veicoli usati.
2. I veicoli ibridi superano le vendite dei veicoli elettrici (EV), rappresentando quasi l'11% delle vendite al dettaglio totali rispetto al 4% degli EV.
3. L'inventario di auto nuove cerca un equilibrio con la domanda, con un aumento del 58% delle nuove inserzioni di veicoli di due anni o più rispetto alla media pre-Covid.
4. Possibile impatto delle prossime elezioni sulle vendite di veicoli, basato su dati storici.
5. impatto immediato dei recenti tagli ai tassi d'interesse sull'affordabilità dei prestiti auto.
CarGurus ha publicado su Informe Trimestral para el Q3 de 2024, destacando las principales tendencias en el mercado automotriz. El informe enfatiza una creciente necesidad de accesibilidad por parte de los consumidores en medio de la incertidumbre económica y altas tasas de interés. Los hallazgos clave incluyen:
1. Demanda concentrada de coches más asequibles, con un crecimiento significativo en las ventas en el rango de $20,000 a $30,000 para vehículos nuevos y de $15,000 a $20,000 para vehículos usados.
2. Los vehículos híbridos superan a los vehículos eléctricos (EV) en ventas, representando casi el 11% del total de las ventas minoristas en comparación con el 4% de los EV.
3. Inventario de coches nuevos buscando un equilibrio con la demanda, con un aumento del 58% en los nuevos anuncios de vehículos de dos años o más en comparación con los promedios anteriores a Covid.
4. Posible impacto de las próximas elecciones en las ventas de vehículos, basado en datos históricos.
5. impacto inmediato de los recientes recortes en las tasas de interés sobre la accesibilidad de los préstamos automotrices.
CarGurus는 2024년 3분기 분기 리뷰를 발표하며 자동차 시장의 주요 트렌드를 강조하였습니다. 보고서는 경제 불확실성과 높은 이자율 속에서 증가하는 소비자의 공정성 필요를 강조합니다. 주요 발견 사항은 다음과 같습니다:
1. 더 저렴한 자동차에 대한 집중된 수요, 새로운 차량의 경우 $20,000-$30,000 범위와 중고차의 경우 $15,000-$20,000 범위에서 상당한 판매 성장을 보였습니다.
2. 하이브리드 차량이 전기 차량(EV)보다 판매에서 두각을 나타내며, 총 소매 판매의 거의 11%를 차지하는 반면, EV는 4%에 불과합니다.
3. 새로운 자동차 재고가 수요와 균형을 찾고 있으며, Covid 이전 평균에 비해 2년 이상 된 새로운 목록이 58% 증가했습니다.
4. 역사적 데이터를 바탕으로 다가오는 선거가 차량 판매에 미칠 수 있는 잠재적 영향.
5. 자동차 대출의 접근성에 대한 최근 이자율 인하의 즉각적인 영향.
CarGurus a publié son Rapport Trimestriel pour le T3 2024, mettant en lumière les principales tendances du marché automobile. Le rapport souligne un besoins croissant des consommateurs pour l'accessibilité dans un contexte d'incertitude économique et de taux d'intérêt élevés. Les principales conclusions incluent :
1. Demande concentrée pour des voitures plus abordables, avec une croissance significative des ventes dans la fourchette de $20,000-$30,000 pour les véhicules neufs et de $15,000-$20,000 pour les véhicules d'occasion.
2. Les véhicules hybrides surpassent les véhicules électriques (EV) en termes de ventes, représentant près de 11% des ventes au détail totales contre 4% pour les EV.
3. L'inventaire des voitures neuves cherche à atteindre un équilibre avec la demande, avec une augmentation de 58% des nouvelles annonces de véhicules de deux ans ou plus par rapport aux moyennes d'avant Covid.
4. Impact potentiel des prochaines élections sur les ventes de véhicules, basé sur des données historiques.
5. impact immédiat des récents baisses des taux d'intérêt sur l'accessibilité des prêts automobiles.
CarGurus hat seine Quartalsübersicht für das Q3 2024 veröffentlicht, die wichtige Trends auf dem Automobilmarkt hervorhebt. Der Bericht betont einen wachsenden Bedarf der Verbraucher an Erschwinglichkeit angesichts wirtschaftlicher Unsicherheit und hoher Zinssätze. Wichtige Erkenntnisse sind:
1. Konzentrierte Nachfrage nach günstigeren Autos, mit einem signifikanten Verkaufswachstum im Bereich von $20,000-$30,000 für neue Fahrzeuge und $15,000-$20,000 für gebrauchte Fahrzeuge.
2. Hybridfahrzeuge übertreffen Elektrofahrzeuge (EVs) bei den Verkäufen und machen fast 11% der gesamten Einzelhandelsverkäufe aus im Vergleich zu 4% für EVs.
3. Neuwageninventar strebt nach einem Gleichgewicht mit der Nachfrage, mit einem Anstieg von 58% bei neuen Angeboten von Fahrzeugen, die zwei Jahre oder älter sind, im Vergleich zu den Durchschnittswerten vor Covid.
4. Möglicher Einfluss der bevorstehenden Wahlen auf den Fahrzeugverkauf, basierend auf historischen Daten.
5. sofortige Auswirkungen der kürzlichen Zinssenkungen auf die Erschwinglichkeit von Autokrediten.
- None.
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Analysis of third quarter trends also highlights hybrid demand overtaking electric vehicles, the ongoing balance between new car inventory and sales, and more
BOSTON, Oct. 08, 2024 (GLOBE NEWSWIRE) -- CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, today released its Quarterly Review for Q3 2024, identifying areas of opportunity as the consumer need for affordability becomes more pronounced.
“As we near the end of 2024, it’s clear that consumers are speaking loudly with their wallets. After years of post-pandemic revenge spending, consumers are becoming more prudent as they face economic uncertainty, still-high interest rates, and vehicle prices that remain elevated,” said Kevin Roberts, Director of Economic and Market Intelligence at CarGurus. “As a result, we’re seeing concentrated demand for more affordable cars, with sales of certain price segments—
According to CarGurus data, the shift is especially pronounced in the used market, with vehicles
Additional highlights from the report include:
- Hybrids are having the year many expected for electric vehicles (EVs): There were big expectations for EV demand in 2024, but hybrids have taken the spotlight with more affordable pricing and fewer concerns around range and charging. Year-to-date, new hybrids accounted for nearly
11% of total retail sales, while EVs were4% (excluding direct-to-consumer sales volumes). New hybrid retail sales volumes are up nearly44% year-over-year. - New car inventory working to find equilibrium with demand: As automakers try to balance new inventory with demand, a larger share of aging new cars remain on dealer lots. At the end of September, about 58,000 new listings nationwide were two years or older (a nearly
58% increase compared to pre-Covid averages). With 2025 models rolling onto lots, the surplus of these new, but slightly older, models could present an opportunity for price-conscious shoppers. - The upcoming election could impact new and used sales demand: In analyzing vehicle sales from 2002 onward—and comparing the seasonality of non-presidential election years to presidential election years—presidential election years tend to see a decline in sales demand in August, October, and November before rebounding at year-end.
- Immediate impact of interest rate cuts might be muted: While interest rate reductions are a welcome update, the September cuts will do little to improve near-term affordability concerns. Because auto rates tend to follow two- and five-year treasury rates as opposed to the short-term Federal Funds Rate, consumers will not immediately see significant declines. Additionally, with auto loan delinquencies rising, financial institutions may be more hesitant to lend credit or quickly lower rates.
To read about these trends and more, the complete Quarterly Review for Q3 2024 is available here.
About CarGurus, Inc.
CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S.1
CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.
To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.
CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are the property of their respective owners.
1 Similarweb: Traffic Insights (Cars.com, Autotrader.com, TrueCar.com), Q2 2024, U.S.
Media Contact:
Maggie Meluzio
Director, Public Relations & External Communications
pr@cargurus.com
Investor Contact:
Kirndeep Singh
Vice President, Investor Relations
investors@cargurus.com
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