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Classified in: Transportation, Business
Subjects: SVY, ECO

May New-Car Sales Boost Used-Car Inventory, Dropping Used-Car Prices 7% to $28,861, According to Cars Commerce May Industry Insights Report


On Average, Used Cars Cost About $20,000 Less Than New Vehicles ? Largest Price Gap Since 2018

CHICAGO, June 13, 2024 /PRNewswire/ -- Cars.com Inc. (NYSE: CARS) (d/b/a "Cars Commerce Inc."), an audience-driven technology company empowering the automotive industry, today launched its May Industry Insights Report. Crafted by an expert team of Cars Commerce data analysts, the report provides macro and micro automotive market insights by analyzing supply, demand, pricing and consumer behavior data from across the company's platform, including Cars.com®, Dealer Inspire and AccuTrade.

"The rise in new-car sales, especially during seasonal promotions like Memorial Day, boosts the used-car market. More new-car inventory means more new-car sales, which means more trade-ins, increasing used-car inventory and bringing prices down ? and that's just what we're seeing this month," said Rebecca Lindland, senior director of industry data and insights at Cars Commerce. "On average, used cars are selling slightly slower now than last year, when the market was quite lean. Prices are still elevated for new and used vehicles, but today, shoppers have more inventory, more choices and more time to find the vehicle that fits their budget and lifestyle."

Key May Market Highlights

 To download the full report, visit www.CarsCommerce.inc.

*Inventory, searches and list price on Cars.com

ABOUT CARS COMMERCE

Cars Commerce is an audience-driven technology company empowering the automotive industry. The Company simplifies everything about car buying and selling with powerful products, solutions and AI-driven technologies that span pretail, retail and post-sale activities ? enabling more efficient and profitable retail operations. The Cars Commerce platform is organized around four industry-leading brands: the flagship automotive marketplace and dealer reputation site Cars.com®, award-winning technology and digital retail technology and marketing services from Dealer Inspire, essential trade-in and appraisal technology from AccuTrade, and exclusive in-market media solutions from the Cars Commerce Media Network. Learn more at www.carscommerce.inc.

 

SOURCE Cars Commerce


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