What's new on the used car market? Rise of AI & SUV ...
Inflation, digitalization and everything else traders and private customers need to know about the 2023 used car market with a forecast for 2024.
ecarstrade.comUsed car prices have recently surged to their highest levels since summer 2023, with wholesale values up 6.2% according to Manheim's latest index. This rebound follows years of market stabilization and reflects strong demand amid ongoing supply dynamics.[1][4]
Market Trends
Electric vehicles (EVs) are driving much of the price climb in the used segment, outpacing traditional models. SUVs continue dominating sales, especially in Europe, where they claim over half of new registrations and boost demand for younger used alternatives due to new car wait times.[2][4]
Recent Headlines
- Carvana issued an EV trends report highlighting shifts in used market preferences.[3]
- Dealers report firm pricing into March, with some facing scams or legal issues over sales practices.[7]
- Broader industry news includes corporate moves like Group 1's acquisition and AI tools for dealerships.[3]
Regional Notes
In Europe, online used car sales are exploding, projected to hit 10% of total transactions by 2025, fueled by digital platforms. UK dealers note rising prices as stock remains tight.[8][2][7]