Undaunted by Record-Setting Interest Rate Hikes, Surprisingly Resilient Car Market Demand Defies Expectations While used car prices overall have dropped by almost 4% from this year’s peak, multiple interest rate hikes have erased any savings passed onto buyers in real terms Chicago, IL – November 1, 2022 – In the face of the Federal Reserve’s unprecedented interest rate hike campaign, consumer demand in the car market has remained remarkably strong, according to new data and analysis from leading car shopping app CoPilot.

Under The Hood – 3 Things To Check In An Engine Bay with Robert & Jeff CoPilot for Cars Podcast November 30, 2022 Looking to buy a used car soon? Don’t go before hearing these tips for understanding and evaluating what’s under the hood. Engine bay breakdown & 3 key things to check with CoPilot’s car expert, Jeff. Three things he recommends looking for signs of are: extensive repairs or other work, accidents or damage, and fluids or leaks.

Used Car Demand Surges in January As Prices Fall for Seventh Consecutive Month As sales volumes increase and dealer inventory diminishes, price declines have become more modest, and may even be poised to rebound For consumers in the market for a used car, the current moment may represent the best opportunity to buy for the next several months There has never been a better time in history to buy an electric vehicle, with used EVs prices down 3% in January and used Tesla prices down by 5%

Used Car Inflation Finally Turns Negative. Older Models Will Lead the Market’s Recovery in 2023 Used car prices show the first year-over-year decline since the onset of the COVID-19 pandemic – a major milestone on the car prices’ return to normal Prices of used cars 4 years and older have fallen by an average of 13% from their peak levels, while 1-3 year old cars have dropped by 8% However, with more interest rate hikes promised for 2023, price declines continue to be offset by increasing lending costs

Used Car Market Finally Starts to Correct, But Prices Are Still a Long Way From Normal Levels As new car inventory continues to replenish, pressure has further eased off used car prices – but they still remain significantly inflated above normal levels Consumers should continue to wait to buy: Better bargains are likely to be had toward the end of the year Electric vehicles are best value in the market, with used Teslas down another $1,800 last month

Used Car Price & Availability by Age Group October 2023

Used Car Prices Continue to Fall, But Ongoing UAW Strike Raises Questions About Market’s Continued Recovery As the strike starts to bring down inventories of Big 3-produced domestic brands, new and used car prices have yet to increase – but soon will Sales among older vehicles slow as consumers feel the sting of high interest rates and diminished savings While Tesla remains the only brand priced below expected normal levels, used electric vehicle prices actually increased for the first time in a year amid surging demand

Used Car Prices Increase at Unsustainable Rate in March, Making it One of the Worst Times in History to Buy “Red alert” for used car buyers as retail prices of America’s favorite family cars – SUVs and minivans – surge by $2,100 in just six weeks Used electric vehicles – down by 2% since February – represent one of the only bright spots in the market for consumers Consumers in the market for a used car should wait a little longer: While it is currently one of the worst times to buy, CoPilot predicts used car prices will fall in the coming months

Used Tesla Prices April 2024

Van Value Retention: Best & Worst Brands Updated: September 2023 The tables below show the difference between a 5-year-old car brand’s original average MSRP and current average used listing prices. This highlights how well the original value was retained over a period of 5 years for each brand.