{"id":730015,"date":"2023-02-09T06:10:35","date_gmt":"2023-02-09T11:10:35","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cargurus-january-2023-intelligence-report-finds-consumer-demand-for-new-and-used-vehicles-is-on-the-rise\/"},"modified":"2023-02-09T06:10:35","modified_gmt":"2023-02-09T11:10:35","slug":"cargurus-january-2023-intelligence-report-finds-consumer-demand-for-new-and-used-vehicles-is-on-the-rise","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cargurus-january-2023-intelligence-report-finds-consumer-demand-for-new-and-used-vehicles-is-on-the-rise\/","title":{"rendered":"CarGurus January 2023 Intelligence Report Finds Consumer Demand for New and Used Vehicles is on the Rise"},"content":{"rendered":"

\nUsed vehicle prices continued to decline, while new car prices elevated slightly
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CAMBRIDGE, Mass., Feb. 09, 2023 (GLOBE NEWSWIRE) — CarGurus<\/u><\/a> (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying and selling new and used vehicles1<\/sup>, today released its U.S. January 2023 Intelligence Report. Data from January shows an increase in used vehicle demand with both month-over-month and year-over-year readings rising at a rate of 5.7% and 5%, respectively. New vehicle demand saw a 5.7% increase year-over-year, although month-over-month demand was down due to a strong December sales month.<\/p>\n

\u201cAlthough consumers are navigating economic uncertainty, high inflation, and rising interest rates, preliminary data from the January 2023 CarGurus Vehicle Demand Index shows stronger than expected demand for new and used vehicles with year-over-year increases in both categories,\u201d said Kevin Roberts, Director, Industry Insights and Analytics at CarGurus. \u201cThis suggests that rising new inventory levels and declining used prices could be helping boost demand despite the macro headwinds.\u201d<\/p>\n

The used vehicle market saw the average listing price decline slightly (1.7%) to just over $29,000 in January and down 7.6% year-over-year. Younger used vehicles (2020 – 2022) continued to show the most significant price declines, with 2021 models decreasing over 20% since July 2022. Older used vehicles (2010 – 2019) dropped at a slower rate, between 7% and 13%, over the same period.<\/p>\n

New vehicle inventory levels continued to rise moderately month-over-month, representing an increase of over 1% since December. While monthly gains are slight, new inventory levels are up nearly 90% year-over-year. New vehicle listing prices edged .8% higher than December, up 8.7% year-over-year.<\/p>\n

\u201cThe continued improvement in new inventory should help provide some tailwinds for new vehicle sales, especially if an influx of chips allows for production of lower priced vehicles,\u201d added Roberts.<\/p>\n

Additional highlights from the January report include:<\/p>\n