Cars Commerce March Insights Report: Tax Season Fuels Car Buying
Hi Larry,
Today, Cars Commerce has released its March Industry Insights Report
<https://www.cars.com/articles/tax-season-turbocharges-car-market-dealers-and-buyers-gear-up-for-a-surge-in-shopping-activity-according-to-cars-commerce-march-industry-insights-report-481153/>
diving into the data influencing both the macro and micro trends affecting
the automotive industry.
Top of mind for both buyers and sellers was tax season and soon-to-arrive
tax returns. Dealers expanded their new-car inventory by nearly 9%
month-over-month while consumers mirrored this surge with an almost 4% rise
in new-car searches.
Another key takeaway indicates that passing the test of time still holds
weight with buyers. From the venerable Ford F-Series, dating back to 1948,
to the relatively younger Toyota Tundra, introduced in 1999,
long-established nameplates continued to dominate the Top Used Car Searches
on Cars.com in March.
See below for additional key findings:
-
New-car price drop continues: New-car prices remained below $49K for the
second consecutive month, decreasing -1.5% year-over-year. Cars.com’s New
Car Price Index, a proprietary index that estimates the total cost to
purchase and finance a new vehicle, was down -3.1 percentage points
year-over-year due to lower average prices and higher incentives.
-
Inventory improvement continues: The inventory of new vehicles under
$30K increased by 77.5% year-over-year, now making up 15% of the total
share, but still below the pre-pandemic 39% market share.
-
Used-car supply is up year-over-year: Used-car market supply increased
by almost 5% year-over-year, with average prices hitting a 32-month low of
just over $28K, a 5% decrease.
-
EV market continues to adjust: New- and used-EV inventory surges (over
105% year-over-year for new EVs and 50% year-over-year for used EVs), with
prices decreasing by over 4% for new EVs (average price just over $63K) and
over 20% for used EVs (average price just over $36K).
See HERE <https://www.carscommerce.inc/insights-report/> for the full
report.
Would you be interested in speaking with Rebecca Lindland, senior director
of industry data and insights at Cars Commerce, about these findings,
changing trends in the automotive industry, or any other related topics?
Best,
Robert
On behalf of Cars Commerce
Robert Williams
*LDWW*
1444 Oak Lawn Avenue | Suite 100 | Dallas, TX 75207
951.202.0325
ldww.co <http://ldwwgroup.com/>