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New-Car Market Sees Sharp Decline in Sub-$30,000 Vehicles, According to Cars Commerce Industry Insights Report

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Cars Commerce's July Industry Insights Report reveals significant shifts in the automotive market. The new-car market has seen a sharp decline in vehicles priced under $30,000, with only 333,000 available compared to 1.1 million in July 2019. The average new-car price remains steady at $49,000, but this is $6,000 higher than expected based on typical growth rates.

The used-car market is facing challenges with a scarcity of low-mileage, lightly used vehicles. Used-car prices have decreased 6% year-over-year, while inventory has increased slightly by 1%. Vehicles under $30,000 have seen a 3% price drop and a 9% inventory increase. However, the availability of vehicles priced between $30,000 and $49,000 has decreased by 15%, reflecting a shortage of 1-to-3-year-old vehicles.

Used vehicles under $20,000 now have an average of 93,000 miles, up 33% in five years. The shortage of low-mileage inventory is particularly noticeable in the higher-end used-vehicle market, where the average price is $77,000, exceeding the average cost of a new luxury vehicle.

Il Rapporto di Analisi del Settore di Cars Commerce di luglio rivela significativi cambiamenti nel mercato automobilistico. Il mercato delle auto nuove ha registrato un forte calo dei veicoli con prezzo inferiore a 30.000 dollari, con solo 333.000 disponibili rispetto a 1,1 milioni a luglio 2019. Il prezzo medio delle auto nuove rimane stabile a 49.000 dollari, ma questo è di 6.000 dollari superiore a quanto previsto in base ai tassi di crescita tipici.

Il mercato delle auto usate sta affrontando sfide con una scarsità di veicoli poco usati e a bassa percorrenza. I prezzi delle auto usate sono diminuiti del 6% rispetto all'anno precedente, mentre l'inventario è aumentato leggermente dell'1%. I veicoli con un prezzo inferiore a 30.000 dollari hanno visto una diminuzione dei prezzi del 3% e un incremento dell'inventario del 9%. Tuttavia, la disponibilità di veicoli con un prezzo compreso tra 30.000 e 49.000 dollari è diminuita del 15%, riflettendo una carenza di veicoli con 1-3 anni di età.

Le auto usate con un prezzo inferiore a 20.000 dollari ora hanno una media di 93.000 miglia, in aumento del 33% negli ultimi cinque anni. La scarsità di inventario a bassa percorrenza è particolarmente evidente nel mercato delle auto usate di fascia alta, dove il prezzo medio è di 77.000 dollari, superiore al costo medio di un veicolo di lusso nuovo.

El Informe de Perspectivas de la Industria de Cars Commerce de julio revela cambios significativos en el mercado automotriz. El mercado de autos nuevos ha visto una fuerte disminución en la disponibilidad de vehículos con un precio inferior a 30,000 dólares, con solo 333,000 disponibles en comparación con 1.1 millones en julio de 2019. El precio medio de los autos nuevos se mantiene estable en 49,000 dólares, pero esto es 6,000 dólares más alto de lo esperado según las tasas de crecimiento típicas.

El mercado de autos usados enfrenta desafíos debido a la escasez de vehículos poco usados y de baja millaje. Los precios de los autos usados han disminuido un 6% interanual, mientras que el inventario ha aumentado ligeramente en un 1%. Los vehículos con un precio inferior a 30,000 dólares han visto una caída del 3% en el precio y un aumento del 9% en el inventario. Sin embargo, la disponibilidad de vehículos con un precio entre 30,000 y 49,000 dólares ha disminuido en un 15%, reflejando una falta de vehículos de 1 a 3 años de antigüedad.

Los vehículos usados por debajo de 20,000 dólares ahora tienen un promedio de 93,000 millas, un aumento del 33% en cinco años. La escasez de inventario de baja millaje es particularmente notable en el mercado de autos usados de gama alta, donde el precio promedio es de 77,000 dólares, superando el costo promedio de un vehículo de lujo nuevo.

Cars Commerce의 7월 산업 인사이트 보고서는 자동차 시장에서의 중요한 변화를 보여줍니다. 신차 시장은 30,000달러 이하의 차량이 급격히 감소하여 2019년 7월 110만 대와 비교해 333,000대만 남았습니다. 평균 신차 가격은 49,000달러로 안정세를 보이고 있지만, 이는 일반적인 성장률 기준으로 예상보다 6,000달러 높습니다.

중고차 시장은 주행 거리가 적고 약간 사용된 차량의 부족이라는 어려움에 직면해 있습니다. 중고차 가격은 지난해 대비 6% 하락했으며, 재고는 약간 1% 증가했습니다. 30,000달러 이하의 차량은 3% 가격 하락과 9% 재고 증가를 보였습니다. 하지만 30,000에서 49,000달러 사이의 차량은 15% 감소했으며, 이것은 1~3년 된 차량의 부족을 반영합니다.

20,000달러 이하의 중고차는 이제 평균 93,000마일을 기록하고 있으며, 이는 5년 동안 33% 증가한 수치입니다. 저주행 거리 재고 부족은 중고차 시장에서도 특히 고급차 시장에서 두드러지며, 이 곳의 평균 가격은 77,000달러로 새 고급차의 평균 비용을 초과합니다.

Le Rapport d'Analyse de l'Industrie de Cars Commerce de juillet révèle des changements significatifs sur le marché automobile. Le marché des voitures neuves a connu une forte baisse des véhicules dont le prix est inférieur à 30 000 dollars, avec seulement 333 000 disponibles par rapport à 1,1 million en juillet 2019. Le prix moyen des voitures neuves reste stable à 49 000 dollars, mais cela représente 6 000 dollars de plus que prévu en fonction des taux de croissance habituels.

Le marché des voitures d'occasion fait face à des défis en raison d'une pénurie de véhicules peu utilisés et à faible kilométrage. Les prix des voitures d'occasion ont diminué de 6 % d'une année sur l'autre, tandis que les stocks ont légèrement augmenté de 1 %. Les véhicules dont le prix est inférieur à 30 000 dollars ont connu une baisse de prix de 3 % et une augmentation du stock de 9 %. Cependant, la disponibilité des véhicules dont le prix est compris entre 30 000 et 49 000 dollars a diminué de 15 %, ce qui reflète une pénurie de véhicules âgés de 1 à 3 ans.

Les véhicules d'occasion de moins de 20 000 dollars ont maintenant une moyenne de 93 000 miles, soit une augmentation de 33 % en cinq ans. La pénurie d'inventaire à faible kilométrage est particulièrement notable sur le marché des véhicules d'occasion haut de gamme, où le prix moyen est de 77 000 dollars, dépassant le coût moyen d'un véhicule de luxe neuf.

Der Juli-Bericht über Branchenanalysen von Cars Commerce zeigt erhebliche Veränderungen auf dem Automobilmarkt. Der Neuwagenmarkt hat einen starken Rückgang bei Fahrzeugen unter 30.000 US-Dollar erlebt, mit nur 333.000 verfügbaren Fahrzeugen im Vergleich zu 1,1 Millionen im Juli 2019. Der Durchschnittspreis für Neuwagen bleibt stabil bei 49.000 US-Dollar, jedoch ist dies 6.000 US-Dollar höher als ursprünglich aufgrund typischer Wachstumsraten erwartet.

Der Gebrauchtwagenmarkt sieht sich Herausforderungen gegenüber, aufgrund einer Knappheit an wenig gebrauchten Fahrzeugen mit geringer Laufleistung. Die Preise für Gebrauchtwagen sind im Jahresvergleich um 6% gesunken, während der Bestand leicht um 1% gestiegen ist. Fahrzeuge unter 30.000 US-Dollar haben einen Preisrückgang von 3% und einen Bestandsanstieg von 9% erlebt. Die Verfügbarkeit von Fahrzeugen im Preisbereich zwischen 30.000 und 49.000 US-Dollar ist jedoch um 15% gefallen, was auf einen Mangel an 1-3 Jahre alten Fahrzeugen hinweist.

Gebrauchte Fahrzeuge unter 20.000 US-Dollar haben nun einen Durchschnitt von 93.000 Meilen, was einem Anstieg von 33% in fünf Jahren entspricht. Der Mangel an Fahrzeugen mit geringer Laufleistung ist besonders im Hochpreissegment des Gebrauchtwagenmarktes auffällig, wo der Durchschnittspreis bei 77.000 US-Dollar liegt und damit die durchschnittlichen Kosten eines neuen Luxusfahrzeugs übersteigt.

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Used-Car Market Struggles With Shortage of Low-Mileage Vehicles, Leading to Price Decline and Influx of High-Mileage Inventory

CHICAGO, Aug. 16, 2024 /PRNewswire/ -- Cars.com Inc. (NYSE: CARS) (d/b/a "Cars Commerce."), an audience-driven technology company empowering the automotive industry, outlines shifts in the automotive industry in its July Industry Insights Report. This comprehensive report, crafted by Cars Commerce's expert data analysts, delves into macro and micro automotive market insights by analyzing supply, demand, pricing and consumer behavior data from across the company's platform, including Cars.com®, Dealer Inspire® and Accu-Trade®.

"Over the past year, new-car prices have remained steady at around $49,000. Supply levels continue to increase, with the most significant inventory rise in mid- to high-priced vehicles," said Rebecca Lindland, senior director of industry data and insights at Cars Commerce. "Currently, there are just 333,000 new vehicles priced under $30,000 on the Cars Marketplace versus July 2019, when there were 1.1 million. If the average new-car price had continued on its typical 3% annual growth rate from 2019, today's average new car price would be $43,000. To get prices back on track, the industry would need to add more than 750,000 sub-$30,000 vehicles to the market, the same number of under-$30K vehicles lost since 2019."

Used-Car Market: Scarcity of Late-Model-Year Vehicles and Declining Prices

In contrast to the new-car market, the used-car market is facing availability challenges, particularly sourcing low-mileage, lightly used vehicles. Year over year, used-car prices decreased 6% and inventory edged up 1% primarily driven by an increase in the stock of vehicles under $30,000. Prices for used vehicles under $30,000 have dropped by 3% year over year, with inventory in this segment increasing 9%. The availability of vehicles priced between $30,000 and $49,000 decreased by 15% year over year, reflecting the scarcity of 1-to-3-year-old vehicles typically found in this price range.

"Notably, used vehicles priced under $20,000 now carry an average of 93,000 odometer miles as of July 2024, up 33% in the last five years. These high-mileage vehicles may require significant service to remain roadworthy," adds Lindland. "The shortage of low-mileage, lightly used inventory is especially noticeable in the higher-end used-vehicle market. For the over-$50,000 used-vehicle segment, the average price is $77,000, which is more than the average cost of a new luxury vehicle."

To download the full report, visit www.carscommerce.inc.

*Inventory, searches and list price on Cars.com. A third-party cyber incident impacted dealer inventory data beginning June 19, 2024.

ABOUT CARS COMMERCE

Cars Commerce is an audience-driven technology company empowering the automotive industry. Cars Commercesimplifies everything about car buying and selling with powerful products, solutions and AI-driven technologies that span pretail, retail and post-sale activities – enabling more efficient and profitable retail operations. The Cars Commerce platform is organized around four industry-leading brands: the flagship automotive marketplace and dealer reputation site Cars.com®, award-winning technology and digital retail technology and marketing services from Dealer Inspire®, essential trade-in and appraisal technology from Accu-Trade®, and exclusive in-market media solutions from the Cars Commerce Media Network. Learn more at www.carscommerce.inc.

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SOURCE Cars Commerce

FAQ

What is the current average price of new cars according to Cars Commerce's July 2024 report?

According to Cars Commerce's July 2024 Industry Insights Report, the average new-car price remains steady at around $49,000.

How has the availability of new cars priced under $30,000 changed since 2019?

The availability of new cars priced under $30,000 has drastically decreased. In July 2024, there were only 333,000 such vehicles available on the Cars Marketplace, compared to 1.1 million in July 2019.

What is the trend in used-car prices as of July 2024?

As of July 2024, used-car prices have decreased by 6% year-over-year, according to the Cars Commerce Industry Insights Report.

How has the inventory of used cars priced under $30,000 changed?

The inventory of used cars priced under $30,000 has increased by 9% year-over-year, while prices in this segment have dropped by 3%.

What is the average mileage of used vehicles priced under $20,000 in July 2024?

According to the report, used vehicles priced under $20,000 now carry an average of 93,000 odometer miles as of July 2024, which is a 33% increase over the last five years.

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