Electrical Car Demand Moderates, Luxurious Used Car Costs Decline & Most Seen Vehicles Present Range

CarGurus, Inc.

CarGurus, Inc.

Report from essentially the most visited automotive purchasing web site within the U.S. 1 highlights components that influenced the automotive market this yr and traits to look at in 2023

CAMBRIDGE, Mass., Dec. 20, 2022 (GLOBE NEWSWIRE) — CarGurus (Nasdaq: CARG), the No. 1 visited digital auto platform for purchasing, shopping for, and promoting new and used autos1, at the moment launched its 2022 Overview & 2023 Outlook Report. The report highlights the yr’s most seen new and used automobile fashions; the newest on electrical automobile (EV) stock, demand, and pricing; and the affect of exterior forces equivalent to fuel costs, inventory market traits, and cryptocurrency costs on segments of the market.

The report additionally supplies an outlook on traits to look at concerning new and used automobile pricing and stock in relation to financial forecasts.
“Over the course of 2022, we’ve seen better moderation within the automotive market with stock enhancing and costs starting to say no,” stated Kevin Roberts, director of {industry} insights and analytics at CarGurus. “However with financial uncertainty on the horizon, there may be the query of how robust shopper demand shall be in 2023. Whereas there’s a probability that declining costs may stoke extra demand, it’s nonetheless seemingly that used gross sales will see an extra dip subsequent yr.”

2022 Intelligence Snapshots:

  • Most Seen Fashions – Shoppers looking for new, licensed pre-owned (CPO), and non-CPO used fashions confirmed nice selection, reflecting the distinctive components driving purchasing choices for every section.

    • New automobile consumers most popular vans, SUVs, and efficiency autos, with new mannequin names main the pack. For instance, Ford’s Maverick, Mustang Mach-E, and Bronco fashions drove three of the highest 5 most seen.

    • CPO consumers leaned into securing luxurious at a worth with Mercedes and BMW securing six spots on the highest ten listing of most seen.

    • Non-CPO used automobile consumers seen a variety of autos, from Porsche and Audi to Chevrolet and Mazda. Nevertheless, this section additionally confirmed a desire for locating worth with out compromising on efficiency, luxurious, and design.

  • EV Demand – Curiosity in EVs surged when fuel costs spiked in June, nonetheless that demand, notably for used EVs, has been on the decline as fuel costs have moderated. Whereas new mannequin releases have stored EV views excessive in 2022, decreases in used EV pricing — notably Tesla’s Mannequin 3, S, and Y, as reported within the CarGurus November Intelligence Report — is indicative of this decreased demand.

  • Luxurious autos – With the declines in crypto pricing and the inventory market over the previous yr, the luxurious section of the used automobile market (priced over $100,000) has felt the affect. Earlier high-flying fashions are seeing year-over-year value declines of as much as 25%. The Mercedes-Benz G-Class, Lamborghini Urus, and Rolls-Royce Cullinan had been among the many premium fashions seeing important declines.

2023 Insights:

  • Costs – Used automobile costs are beginning to come down, nonetheless the query is now shifting to how a lot additional they might decline. Time will inform whether or not the decline in used costs, mixed with nonetheless excessive new costs, will result in a change in gross sales demand.

  • New Stock – With a late-year surge in new stock, notably for pickups, the market shall be monitoring whether or not authentic gear producers (OEMs) and sellers are severe about maintaining stock ranges decrease to take care of the pricing energy gained within the final two years.

  • Shopper Demand – With most financial forecasts predicting a slowdown or a recession in 2023 there may be uncertainty about how shopper demand will fare.

The complete CarGurus 2022 Overview & 2023 Outlook Report is out there right here.

About CarGurus, Inc.

CarGurus (Nasdaq: CARG) is a multinational, on-line automotive platform for purchasing 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 platform provides customers the arrogance to buy and/or promote a automobile 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 corporate makes use of proprietary know-how, search algorithms and knowledge analytics to deliver belief, transparency, and aggressive pricing to the automotive purchasing expertise. CarGurus is essentially the most visited automotive purchasing web site within the U.S. 1 .

CarGurus additionally operates on-line marketplaces below the CarGurus model in Canada and the UK. In the USA and the UK, CarGurus additionally operates the Autolist and PistonHeads on-line marketplaces, respectively, as impartial 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 Similarweb: Overview Report (Site visitors Insights), Q3 2022, U.S.

Media Contact:
Maggie Meluzio
Director, Public Relations & Exterior Communications

Investor Contact:
Kirndeep Singh
Vice President, Investor Relations

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