Stabilizing Prices and Growing Inventory Create Bright Spots for Cost-Conscious Shoppers

Core Insights - CarGurus released its 2024 Mid-Year Review, highlighting the growing focus on affordability for consumers in the automotive market [1][3] Market Trends - Consumer search activity indicates a rising demand for affordable vehicles, with used car searches under $10,000 increasing by 26$30,000 up by 36% [2] - The average price of a used car is now $28,496, down 8$50,214, down 3.3% [4] Inventory and Pricing - New car inventory has increased by 68% year-over-year, while used car inventory has risen by 5%, contributing to moderating prices [4] - Compact sedans are experiencing a surge in demand, with sales up 17% year-over-year, and models like the Toyota Corolla and Honda Civic leading sales increases by as much as 54% [5] Opportunities for Consumers - Nearly 6% of new car listings in the U.S. are 2023 models, providing opportunities for consumers to purchase new vehicles at lower prices, with potential savings of 12% on models like the Ram 1500 [5] - The average price of new electric vehicles (EVs) has declined by 9% from January 2023, now at $63,102, while used EV prices have dropped by 24$37,171 [5] Regional Insights - New York, Florida, and Maryland have the highest concentration of affordable used car listings, with 27% of listings in New York priced at $25,000 or under [5]