CAMBRIDGE, Mass., Nov. 03, 2022 (GLOBE NEWSWIRE) — CarGurus (Nasdaq: CARG), the No. 1 visited digital auto platform for purchasing, shopping for and promoting new and used autos1, as we speak launched its October 2022 Intelligence Report. October’s report noticed used car costs decline 1.8% this month however stay above the place they had been final 12 months. New car stock ranges rose practically 10% month over month and up over 65% in comparison with final 12 months, however nonetheless considerably lower than pre-COVID ranges.
The used car market noticed the common itemizing value decline to only underneath $31K this October in comparison with final month. Younger used autos reported essentially the most vital value declines, with 2021 fashions declining just below 12%, with older used autos holding their worth extra, solely declining 1.75% to 9.5%, since July 2022.
Leading the brand new stock enhance in October had been crossovers, vehicles, and SUV fashions in comparison with this time final 12 months. The greatest gainer in new stock is the Chevrolet Silverado 1500, accounting for 7% of the whole stock enhance over October 2021, and different fashions from Nissan, Ford, GMC, Jeep, and Mazda are all accountable for stock features from 2% to three.5%.
“October saw a continuation of used price declines and new inventory increases,” stated Kevin Roberts, Director, Industry Insights and Analytics at CarGurus. “Even with significant pricing declines the last two months, used car prices are still up 3% compared to where they were last year and remain up nearly 35% compared to October 2020. One interesting trend to watch – at what point will the industry look to level off inventory to avoid going back to pre-COVID levels.”
Additional highlights from the October report embody:
- More used autos priced between $20 – 30K can be found
- New stock is unequally filtered all through the states
- Fuel-efficient autos are seeing declines as gasoline costs average, declining as a lot as 20% relying on the mannequin, since July
- Days-on-market rose in October for each new, as much as 47 days, and used autos, as much as 79 days.
The full CarGurus October 2022 Intelligence Report is obtainable right here.
About CarGurus
CarGurus (Nasdaq: CARG) is a multinational, on-line automotive platform for getting and promoting autos that’s constructing upon its industry-leading listings market with each digital retail options and the CarOffer on-line wholesale platform. The CarGurus market provides customers the boldness to buy or promote a car both on-line or in-person, and it provides dealerships the ability to precisely value, successfully market, immediately purchase and shortly promote autos, all with a nationwide attain. The firm makes use of proprietary know-how, search algorithms and knowledge analytics to carry belief, transparency, and aggressive pricing to the automotive purchasing expertise. CarGurus is essentially the most visited automotive purchasing website within the U.S. (supply: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Visits, Q2 2022, U.S.).
CarGurus additionally operates on-line marketplaces underneath the CarGurus model in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus additionally operates the Autolist and PistonHeads on-line marketplaces, respectively, as unbiased manufacturers.
To be taught extra about CarGurus, go to www.cargurus.com, and for extra details about CarOffer, go to www.caroffer.com.
CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All different product names, emblems and registered emblems are the property of their respective house owners.
1 Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Visits, Q2 2022, U.S.
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