Used Car Prices Since 1995
Used Market Update
In a reversal of what typically occurs in February, wholesale prices of used vehicles up to eight years old fell substantially last month, dropping 1.6% compared to January. The drop was counter to the 1% increase expected for the month and marked just the second time in the past 20 years prices fell in February (last years’ scant 0.2% being the other instance).
NADA Used Car Guide’s seasonally adjusted used vehicle price index fell for the eighth straight month, declining 3.8% from January to 110.1. The drop was by far the worst recorded for any month since November 2008 as the result of a recession-related 5.6% tumble. February’s index figure was also 8% below February 2016’s 119.4 result and marked the index’s lowest level since September 2010.
Incentives Jump by 18.1%
Automakers grew incentive spending once again in February, making it the 23rd month in a row where spending was increased. On average, spending reached $3,594 per unit versus $3,043 per unit in February 2016 according to Autodata.
Among the U.S. Big Three, GM raised incentives by 27.4% in February to an average of $5,125 per unit. Spending at Ford Motor Company rose by 20.9% to $4,012 per unit, while FCA increased incentives by 10.6% to $4,365.
As for Import automakers, Toyota Motor Sales raised incentives by 7.9% in February, reaching an average of $2,267 per unit. American Honda grew incentives by 26.6% to $1,886, while Nissan North America increased spending by 20.1% to $4,080 for the month.
Inventory Falls to 74 Days
Compared to January, days’ supply fell by 11 days in February, landing at 74 days for the period. Looking back, February 2016 saw a supply of only 69 days according to Wards Auto.
GM’s supply reached 91 days over the month, due largely to Buick’s industry high 167-day inventory. Ford Motor Company’s supply fell to 78 days, while FCA’s inventory dropped to 83 days.
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Just what is a USED CAR? Today it's the car you still own because it is so reliable. I have had unreliable cars such as a Nissan and reliable such as a Toyota. My Toyota is now at over 170,000 miles. So, used car is simply keeping your current car if it is reliable and you don't really need to purchase another used car.
ReplyDeleteGibberish talk if you ask me.
well said....well said.....heard that used cars at car store>>after purchase.leave you on the side of the road...why??? allot of used cars were driven to death>>>
Delete...not taken care of... So keep your used cars and keep the maitenance up....they will run like lawn mowers
Cars are selling like crazy here in Salisbury! 20% of the cars I see have new tags starting in November!
ReplyDeleteGee. I wonder why?!
Look for the "C" as the 2nd letter and the dates on the tags. New and used, people are buying!
I think many feel trust in the next 8 years...
Nothing gibberish about it.
ReplyDeleteWhat happened in 2008?
Apparently you forget there was a vile change in our White House.
No worries, things are looking better already this year.
It must really suck to be that poor.
ReplyDeleteYou can't push a rope. Automakers have been offering too many incentives for too many years. Once the market is saturated and/or people can't afford new cars because they haven't had a raise in 10 years, incentives don't work.
ReplyDeleteI traded my GMC Denali after 320,000 miles. Probably had another 75k left in her. Wish I had it back. Never changed the spark plugs. There's no fragrance more expensive than that new car smell!!
the truck store = most overpriced, high mileage, over armouralled, junk yard around
ReplyDeleteI tried to buy a Tacoma from pohanka but the salesman never called me back. after a week I went to koons in Easton and drove out in my new truck a couple hours later. i'm glad I went there and now I wouldn't go anywhere else
ReplyDelete7:29, who was the sales person? alberobutzo@wmconnect.com
ReplyDeleteI purchased my "certified Preowned Honda Accord" (Used) from Pohanka in January. It's a 2015 with only 10K on the odometer. The price was within my budget, and have been really pleased with the service I have received after the sale.
ReplyDeleteI had one problem with the Antenna on my XM radio. They replaced it with no questions asked. The Service hours are until 8 pm during the weekday and on Saturdays. Very convenient and I don't have to take time off from work to get service and repairs done. Very pleased so far.
Jeff Dail was my salesman. He worked hard to find us the right car at the right price. My Son will need to replace his car within the next year or two. When this happens, I will definitely consider going back to Pohanka.
I only buy Honda or Toyota. They hold up and are well made. I also have an 09 Nissan Altima that still looks and runs great. Buy Japanese! They are manufactured here in the U.S. in Both North and South Carolina.
I've owned Ford and GM but they did not hold up, or hold their value. I had a 99 Chevy Venture Van that was in the shop all the time. I took care of it, but it was poorly made and was costing me a fortune to keep it running.
There's no fragrance more expensive than that new car smell!!
ReplyDeleteAMEN 1132 A-MEN!!!!!!!!!
729 says it was paul d
ReplyDeleteThey are still selling used cars in Salisbury for a premium.!
ReplyDeleteThe subprime auto bust is happening now. What do they expect? People are buying cars because of tax returns, it happens every year 8:26. The used car dealerships black friday and christmas season. It will fall off and youll really see the market swell with inventory into the later part of 2017. Dealers are scrambling now to get those 2017s off the lot with lots of inventory on hand and with the surplus of used cars its hurting them moving new models. Worst than many previous years.
ReplyDelete