Car Market Update (Hassle Free Car Buying) Kevin Hunter the Homework Guy
Автокөліктер мен көлік құралдары
CAR Market update with growing inventory for all car brands! If you've been watching Car Prices for a while, the pandemic raised car prices by dropping car inventory levels. Now, the car market has lots of inventory available, and rebates and incentives, especially at Ford, Dogde, Ram, Chrysler, Chevrolet. New Toyotas for sale.
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"Month over month, pickups were the only segment to see an increase, up 1.0%. SUVs, luxury cars and compacts fell by less than 1%, and midsize cars were down by 1.2%. Electric vehicles (EVs) took a significant hit, down 1.4% from April, but down a whopping 15.2% year over year. Non-EVs showed no change from April but were down 10.8% year over year."
"Wholesale supply ended April at 25 days. As of mid-May, supply remained flat at 25 days, which is pretty normal for this time of year but still down a day compared to 2019."
"Rental risk prices, which refer to the prices of rental cars sold at auction, declined by 13.5% compared to last year in the first half of May. The average mileage for these rental cars was down 2% from last year, So it would seem people are traveling and renting cars less.
Analyzing around two million vehicles listed for sale, we see that the market remains steady, with the Used Retail Days-to-Turn sitting at about 40 days."
"Inventory-wise, we noticed a small dip in auction sales rates, now at 56%, down by 1% from the previous week. As we said earlier, it looks like dealers are opting to KEEP more trade-ins on their lots, which could explain the lower auction numbers."
"So, what does all this mean for you? The used car market is stabilizing, while our overall economy is not exactly ship shape. If you're buying, now might be a good time to find deals, especially as prices are fluctuating, on given makes and models. For sellers, tracking your car’s value is more important than ever.
and a big part of this is knowing current inventory levels. Days’ supply of new vehicles has continued to increase hitting a new high water mark of 76 days, up from 74 days at the start of April, and a whopping 44% higher than this same time last year. Long story short, it’s a good time for a good car deal as we are entering the warming days of summer. Stellantis brands, like Jeep and Ram, are pushing those numbers up, hovering at twice the industry average."
Right now, there is a total inventory of around 2.84 million units. That’s getting very close to the 3.5 million cars we had in inventory before the pandemic, and it’s a significant 51% increase from a year ago. Quite literally, NOBODY, thought this level of inventory could ever happen again. Jeep's days’ supply jumped by 21%, and Ram is up by 14%. Both brands are well above the industry average, which is driving the overall industry days’ supply up."
"But that's not all. MINI and Mitsubishi have joined the 100+ days’ supply club. MINI saw a huge 56% increase month-over-month, hitting 108 days, and Mitsubishi climbed to 115 days, up 26%. These increases are being balanced out by still tight inventories at brands like Toyota, Lexus, and Honda. Even Porsche saw a reduction, dropping from 74 days to 64 days’ supply." "Sales have been strong, with April’s sales running 5% ahead of last year. According to Kelley Blue Book, the seasonally adjusted annualized rate of sales in April was 15.5 million, making 2024 a promising year for new vehicle sales since 2019."
Пікірлер: 29
We just purchased a 2024 CR-V Hybrid for under MSRP out the door from a dealer about an hour away. Worked out the deal via email before setting foot at the dealer. We were able to get above KBB value for trade plus the 10% sales tax credit. I was prepared to walk if they tried to play games, but luckily they didn't. No second sticker, no tying products.
@brucemilavec5305
Ай бұрын
Where are you located?
@thehomeworkguy1622
Ай бұрын
Awesome! Thanks for sharing - Liz
@bigtimejabroni
Ай бұрын
@@brucemilavec5305 We purchased at Honda of Marysville in Marysville WA
@terrycurtis2633
Ай бұрын
Im a subscriber to your channel. I would like to make a suggestion , could both of you slow down explain more details about your topic not so robotic readings. Will continue to subscribe to the channel
@makingmoney3468
Ай бұрын
Below invoice price is a better deal than MSRP.
My neighbor found a great price on a new car but they lowballed his trade so he sold it for 5k more than their offer to a local dealership when he went back to buy the new car he found out he didnt qualify for the trade incentive anymore and they raised the price back to the list msrp price -- guess everyone should understand that the incentives are not a reduction in actual price but more like a trick to get the full msrp in the end thru a series of games with shoppers car buying knowledge
Finally getting your videos on my feed as soon as they come out.
Thanks guys...interesting trends indeed.
Don't believe dealerships are in trouble at all. I offered 39k on a 41.7 vehicle and it was a solid no. Not even a counter. I walked
@daytonaflow
Ай бұрын
Well then you truly don't pay attention to the market, or economy. A few years ago interest rates were zero. This is no longer the case. Also, used cars have always been a bad investment. Supply chain issues are the only reason that car prices went up for a short period of time from 2020 to 2024.
I love watching your videos. How do you feel about buying used Genesis vehicles? Do they have a good reliability rating?
My work has 3 rental cars. The manager at Enterprise says they are deleting inventory when it gets to the upper 50k to low 60k miles on it. They say it has gotten easier to get new cars for rent, and the amount of cars in their fleet has gone up.
Is your book out yet
How's the view for Hawaii, specifically Infiniti Q50 Red Sport with only one dealer on Oahu?
Thanks for your interesting videos I like customer protection from dealers that have made millions on customers and live in mansions by add ons and charging over sticker by quite a bit I have seen it many times Time to turn the tables with your help. Jay
Used vehicle dealers are not willing to negotiate at all in my area . Prices set and final . Prices for vehicles that are ten years old and older are set at what they sold for when they were new . I nknow this because I bought the same exact vehicle at that time . New cars are not worth what the market is saying they are . To me it is they are trying to make up for their losses in past few years . Looks like I'm going to buy an ebike or a moped to commute before I can afford any vehicle from a dealer . Save my current vehicle for the other more important things like food shopping and doctors appointments . The only way that prices will come down is if we say no and walk out and tell them why as I have .
Currently saving up for a healthy down payment on a new Subaru, I think. I haven't done any test drives yet. I'm thinking about either a Crosstrek Wilderness or a WRX. I kinda want something with a manual transmission, hence the WRX. I'm aiming for 30% down. That will put a 63 month term well within what I could afford. I could probably afford a shorter term. However, at 63 months I shouldn't have to worry about a layoff or early payoff penalty. Then I can treat it like a 48 or 54 month term, as far as payment.
@cnobillbradley9673
Ай бұрын
Subies are great everything. I own a 2015 Forester XT. I’d go with the Crosstrek Wilderness. What I love to get is a unobtainium Forester Wilderness XT!
@cnobillbradley9673
Ай бұрын
With a stick
@horseshoe_nc
29 күн бұрын
@@cnobillbradley9673 Manual transmissions may make a comeback in some models, now that they have figured out how to get Eye Sight tech to work in the WRX with a manual.
I just watched your car update did I get in quick enough?
Versa is not a Toyota or Honda or mazda
I don’t think i will buy an EV ever. You will lose money when you resell the EV
@brunellom8914
Ай бұрын
Wouldn’t you lose money regardless? Or do you mean that you think EV cars will depreciate more?
Y'all nose to far up dealers rear end. I saw used car's prices going down not up indication that people and economy has feeling better about buying affordable new under 30k
Lol
Please PLEASE PLEEEEASE stop with the wiggling motion on the background graphics. It makes the content being shown hard to impossible to to look at and NOT be totally distracted. It cheapens the videos and makes me not watch the videos as much. Just display the info. The cutesy wiggling is doing you no favors.