{"id":1460505,"date":"2024-03-03T14:55:00","date_gmt":"2024-03-03T19:55:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1460505"},"modified":"2024-03-03T14:55:00","modified_gmt":"2024-03-03T19:55:00","slug":"new-car-inventory-has-exploded-higher","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/new-car-inventory-has-exploded-higher\/1460505\/","title":{"rendered":"“New Car Inventory Has Exploded Higher”"},"content":{"rendered":"

“New Car Inventory Has Exploded Higher” <\/span><\/p>\n

\n

New car prices have been trending lower for about a year due to increased vehicle production and elevated interest rates that have crimped demand. As a result, inventories are swelling at dealerships nationwide, with expectations for new and used vehicle prices to continue sliding into the spring season.\u00a0<\/p>\n

A recent Kelley Blue Book report shows new car prices in January were down 3.5% compared with the same month one year ago. The average new car sold was $47,401.\u00a0<\/p>\n

<\/a><\/p>\n

“Prices have been trending downward for roughly six months<\/strong>\u00a0now as\u00a0automakers are sweetening deals to keep the sales flowing<\/strong>,” Erin Keating, executive analyst for Cox Automotive, said in the report.\u00a0<\/p>\n

The downward pressure is mainly because new vehicle inventory has surged. As of January, it stood at 2.66 million units, a 49% jump in the past year, according to Cox data.<\/p>\n

“With rates higher so far this year, the consumer has limited sense of urgency right now other than cash in hand,” Jonathan Smoke, chief economist at Cox, said in a separate report.<\/p>\n

<\/a><\/p>\n

In a post on X,\u00a0Car Dealership Guy<\/em><\/a>\u00a0<\/em>wrote that new car inventory in February “is rising fast.”\u00a0<\/p>\n

February started with 80 days of new vehicle supply:\u00a0<\/em><\/p>\n

The *highest* level since June 2020.\u00a0<\/em><\/p>\n

Expect the deals to sweeten up for most brands.<\/em><\/p>\n

New car inventory is rising fast \ud83d\udcc8<\/p>\n

February started with 80 days of new vehicle supply:<\/p>\n

The *highest* level since June 2020.<\/p>\n

Expect the deals to sweeten up for most brands. pic.twitter.com\/y2nsogRmkZ<\/a><\/p>\n

\u2014 Car Dealership Guy (@GuyDealership) March 2, 2024<\/a><\/p>\n

Online auto buy\/sell platform\u00a0CarEdge’s Zach Shefska<\/em><\/a>\u00a0noted on X: “For reference, new car inventory is up 195% over the past 30 months.”\u00a0<\/em><\/p>\n

For reference, new car inventory is up 195% over the past 30 months. pic.twitter.com\/T3bk4II2Xz<\/a><\/p>\n

\u2014 Zach Shefska (@shefska) February 23, 2024<\/a><\/p>\n

“New Car Inventory has EXPLODED higher,”\u00a0another X user<\/a>\u00a0said.\u00a0<\/p>\n

New Car Inventory has EXPLODED higher pic.twitter.com\/9LgrwGkgmk<\/a><\/p>\n

\u2014 Darth Powell \ud83e\udd88\ud83c\uddfa\ud83c\uddf2\ud83c\uddfa\ud83c\udde6\ud83c\uddf5\ud83c\uddf1\ud83c\uddeb\ud83c\uddee (@GRomePow) February 22, 2024<\/a><\/p>\n

This is great news for prospective car buyers – but terrible news for the millions of folks who bought cars during the Covid mania and are underwater on their auto loans<\/a>.\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nSun, 03\/03\/2024 – 09:55<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/new-car-inventory-has-exploded-higher<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

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