Auto Industry Sees Significant Shifts in First Half of 2024; Nearly Unrecognizable From Five Years Ago, According to Cars Commerce Industry Insights Report

The used market has followed a similar path. Over the last five years, the average price of used vehicles has surged by 34%, from $21,480 to $28,815, and the ongoing inventory shortage has created a competitive market with 1.5 million fewer used vehicles available. The first half of 2024 has offered some relief to buyers, as prices have decreased by 5% compared to the first half of 2023, saving consumers over $1,600. This decrease reflects a normalization from the peak prices seen in 2023, which were driven ...