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/>