The Driver's Seat - Is The Used Car Market Returning to Normal?
CoPilot's Monthly Digest - the best way to stay up to date on all things car shopping + owning!
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With inflation continuing to rise, car and gas prices are being affected and we’re all feeling the squeeze. Whether you are planning to buy or sell a car, or just need to make sure you’re maximizing savings on your current vehicle, here’s everything you need for your most confident car experience. If there’s something specific you’d like to see here each month, reply to this email and let us know.
- From the blog -
10 Cars with 250,000-Mile Lifespans
When purchasing a car, most shoppers look for vehicles that are affordable and durable. As the quality of cars improves and prices soar, Americans are holding on to their vehicles for longer. In fact, the average age of vehicles on U.S. roadways rose to 12.2 years in 2022. CoPilot analyzed data from the Federal Highway Administration’s National Household Travel Survey to find which types of cars have been reaching 250,000 miles or more. The survey tracks U.S. travel and car ownership trends including the make, model, and mileage. This list includes models with the highest rates of respondents reporting odometer readings over 250,000 miles.
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Popular Cars That Have Risen the Most in Price
The U.S. economy is now more than a year into a run of soaring inflation and as a result, the CPI for new vehicles has risen by 16% since the beginning of 2020, while the CPI for used vehicles is up by more than 50% over the same span.
View the cars
What’s An Auto Broker? Here’s What You Need To Know
If you’re looking to purchase a vehicle, you may have come across an auto broker. Although it’s a common term, you might not be familiar with the position. What is an auto broker? What do you need to know about them?
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You’re Probably Overpaying for Insurance. Let’s Fix That.
We’ve partnered with Savvy Insurance to make sure you never overpay for car insurance. Exclusive to CoPilot Members, you’ll receive up to 36 real-time quotes based on your current coverage to easily compare and find the best deal. And you’ll only connect with an agent if and when you choose to.
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Have You Run Your Vehicle’s Monthly Health Check?
A benefit exclusive to CoPilot members, we run a comprehensive check on your vehicle each month to keep you informed on recalls, maintenance, insurance rates, and more.
Review your vehicle’s health check
- CoPilot In the News -
Despite Signs of a Potential Economic Slowdown, Used Car Prices Increase to Near-Record Highs via CoPilot
Despite a number of economic headwinds, including rising inflation and fuel costs, used car prices have increased again to $33,341, just $172 below the market’s all-time high in March, according to CoPilot’s monthly Return to Normal Index report. As the market faces down a record supply shortage of new cars, the effects continue to trickle into the used car market, in particular inflating the prices of 1-3 year old cars that consumers are increasingly turning to as substitutes for new vehicles.
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Here’s Where Car Payments Cost More Than Rent in the US via Bloomberg
Sticker shock in the US car market is hitting new extremes, with some Americans now looking at higher monthly auto payments than what they typically pay in rent.
Car Repos Are Exploding. That’s a Bad Omen via Barrons
The jobs report and minutes from the Federal Reserve’s June meeting were the economic highlights of the week, but they are, respectively, a lagging indicator and old news. This column instead digs into the auto market, where there is an under-appreciated ticking time bomb.
Bloomberg Green’s Electric Car Ratings via Bloomberg
The electric car revolution is picking up speed. As automakers pledge to kick their gasoline habit entirely, they have launched dozens of electric models—and dozens more will be rolled out by the end of 2023. Bloomberg Green’s EV ratings dashboard catalogues the models currently available in the US. Along with car specs, we also have come up with a Green rating for each model, based on how efficiently the cars travel once on the road and the resources needed to manufacture the batteries in those cars.
‘EV market is on fire’ amid high gas prices: CoPilot CEO via Yahoo Finance
CoPilot CEO and Founder Pat Ryan sits down with Yahoo Finance Live to break down the demand for electric and hybrid vehicles as gas prices continue to rise, how Tesla owners are re-selling their cars, and new car pricing.
Want to Save Money on Gas?
With gas prices on the rise, here are a few tips to help you boost your MPG and make the most out of each tank.
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-The CoPilot Team
