CARFAX for Lenders’ Post

Used car sales in Q2 rose by 7.2% to 1.963m according to the latest data from the Society of Motor Manufacturers and Traders (SMMT). Petrol and diesel powered cars accounted for 92.4% of all vehicles, down from 94.3% last year with petrol remaining the most popular fuel type, up 9.2%, while diesel fell by -1.2%. EVs accounted for 2.4% of sales (46,773), while just over 100,000 plug in hybrids and hybrids were sold during the quarter. The Ford Fiesta, Vauxhall Corsa and Ford Focus were the nation's top selling models with black proving the most popular colour with consumers.

“The private market share (of used cars) has risen to 67.5 per cent (817,751 listings) compared with 59.9 per cent (576,531 listings) in the prior corresponding year,” James Voortman based on AutoGrab data to June 24 in a recent GoAutoMedia article. My gut feel is due to the economic pinch, a large number of the private sellers are now getting out of their second vehicle which they purchased during COVID lockdown madness. The are no longer issues with public transport etc so if you didn’t need a second car why carry one now? A ‘private seller sell down’ aligns with the increase in repossessions and mercantile services field call activity we’ve recently seen, signaling the economic challenges the ‘Aussie battler’ is currently facing. So whilst traditionally if you were selling your vehicle you’d be buying another car (new or used) its likely not the case adding to the pressure on used car prices (more stock in market) and lowering demand for new cars right now (focus on paying the house payments vs a new set of wheels). Demand for used cars certainly dropped in the April to June 24 Qtr. Light commercial vehicles and SUVs were probably the hardest hit with Passenger vehicles still in high demand comparatively. More information in our quarterly automotive report with data driven by Datium Insights and commentary from Fraser Ronald https://lnkd.in/grqWqg5u

With the price of goods going up nowadays, minding your dollars and cents is a good idea. The average purchase price of a new vehicle in the U.S. is around $45,000, which translates into high monthly payments stretched out over several years if you don't pay the full amount outright at the dealership. But there are still some good deals in the new car market, particularly cars and sport utility vehicles (SUVs) costing less than $30,000, making monthly payments easier to handle. Here is a list of cars and vehicles below that price.

🚗 Used Car Market: With new car shortages, used car prices are at an all-time high. Dealers should capitalize on this by sourcing high-quality used vehicles and offering certified pre-owned programs. 🙂 . . Data from https://hubs.li/Q02MN82c0 #UsedCars #MarketTrends #CarDealerships

A surprising trend in the new car market is the increasing number of people opting for more affordable vehicles. Some have even decided to downsize from their current cars. To learn more about this growing trend? Keep reading. #Affordability #Downsizing #Trending #Motorlease #WhateverItTakes

Richard comments on article "Used cars that shot up in value in 2023 and those that crashed" Saying: "Figures from AutoTrader back up the figures from Motorway stating that whilst used car values did drop throughout 2023 a number of models more than held their value as reported by Motor Trader. Auto Trader have released lists of the top 10 cars that saw their values increase, as well as the 10 that saw the biggest decrease (average Jan 24 prices compared to average Jan 23 prices). Interestingly the values quoted differ somewhat with Motorway with the BMW i3 coming in 3rd on the contraction list, whilst topping the list on Motorway which highlights a difference in retail value (as depicted on Auto Trader where cars are sold to the public) and Motorway where dealers are bidding to buy cars, normally at trade value." https://lnkd.in/ddYGRyqz Call: 01858 907 123 Email: [email protected] Search: www.forecourtfunding.com Eligibility Request: https://lnkd.in/dXNyNbbd Apply: https://lnkd.in/dpewu6KW #newsoftheday #fundingnews

Is it time to replace your car? With prices running high recently, many were holding off on making a decision to buy a new car. However, conditions have changed, and deals on cars are now more enticing than ever. According to insights from "Caredge," there are notable price declines in certain new car segments in 2024, with the luxury vehicle segment experiencing significant price reductions, mainly attributed to Tesla's competitive pricing strategies. In fact, Tesla has emerged as a top-10 luxury brand in America. Recent data shows that luxury vehicle prices have dipped by 7.4% year-over-year. Additionally, Carfax reports that in June, prices for vehicles best suited for families, such as SUVs, Vans & Minivans, and Pickup Trucks, saw significant month-over-month price declines: - The average price of a used Van or Minivan fell by approximately $375. - Pickup Truck prices decreased by an average of about $320. - SUVs, including Luxury SUVs, experienced a drop of roughly $200. If you are considering selling your used vehicle, now might be the right time as favorable prices are still reported. Market forces have stabilized considerably, making it a good time to start exploring options. Deals are becoming more common, so it's advisable to research the market for the makes and models you are interested in. If you are looking to buy a vehicle in Dallas, TX, or Titusville, FL, I can assist you in getting it to the port of export and managing the U.S. bureaucracy and shipping to your hometown. Advice is complimentary, so feel free to drop me a DM to assess if the logistics align with your needs. #automobile #shipping #export Find more insights at [Carfax Blog](https://lnkd.in/eEK2QWYk)

Just read an insightful article on why now is a great time for used car buyers—with average savings of $20,000 compared to new models, it’s a win for both customers and dealerships. This shift is a big positive for used car dealerships, making high-quality pre-owned vehicles more attractive than ever! #UsedCarMarket #BigSavings https://lnkd.in/g88amwRC

Car manufacturers and dealers frequently look for ways to entice buyers into purchasing new and used vehicles. In many instances, car sellers offer promotional packages that include a powertrain warranty designed to alleviate buyers’ anxiety about repair costs. These packages can be attractive to buyers, but it is often difficult to understand what they cover. Here's what you should know: https://lnkd.in/evkq68zp #LemonLaw #Auto #Cars

🚗 The used car market is in great shape as we enter the last quarter of 2024! With demand rising and stock moving fast, retailers are well-positioned for success. Get insights from Auto Trader's latest Retail Price Index on how to navigate this dynamic market and make the most of EV opportunities. 🔍📈 🔗https://lnkd.in/eh5u2RcE . . . #usedcarsforsale #AutoTrader #CarMarketplace #EVS #AutomotiveInsights #CarSales #UsedCarMarket #CarIndustry #RetailPriceIndex #CarPrices #SustainableTransportation #AutomotiveTrends #CarDealership #CarRetailing #cardealership #hiltoncarsupermarket #ukcars