Used Car Price Trends In 2024 – What You Need To Know Before Purchasing A Car

Used car price trends tend to be one of the outstanding topics that every driver is interested in. Knowing the price trends, helps you to decide whether it is the right time to get a vehicle or not. Sometimes, there are cases when we are limited in time and need to get a vehicle urgently. In that case, you might ignore the price trend and immediately make a decision. However, if you are not in a rush, I’d advise you to review the below-mentioned information and only after this make the final decision.

Besides used car market trends, there are a lot of details that you should take into account. If you have already bought an automobile previously, you must know all the steps that should be passed. I’d divide buyers into two groups upon their activity. Some individuals think that no matter the trends, they can get a car at the lowest available price. They think that negotiation skills are the main one while getting the best deal.

Even though there are other individuals, who prefer to review the existing situation on the market. They combine and analyze all the available statistical data to make conclusions whether it’s a good time for the purchase or not. If you find the second group more familiar to you, keep reading.

Below we will discuss what are the used car market trends 2024, and why it is more preferable to buy used vehicles compared to new ones. Also, we will clarify if the new car trend is connected with the used vehicles trends. So, let’s start the journey!

What are the used car market trends 2024?

Used car price trends for the beginning of 2024 are as follows:, the average used-vehicle price was $25,328 and it is a 4% decrease from the $26,505 average in January 2023, as many auto experts suggest, 2024 will be one of the best year to purchase cars. According to the latest used car market data from Black book, current market is very stable and unchanging. For cars between 2 to 8 years old, there was no change in prices. However, prices for newer used vehicles increased by 0.03%, and for the oldest model years, prices rose by 0.10%. Quite the opposite, the truck market saw slight decreases across all age categories
Market has changed dramatically during the last four years. During the pandemic, due to the decreasing of production, Used car prices have hit the highest records in 2020-2021. In June 2020 the average market price for used vehicles crossed $20,000 for the first time.

According to American online resource for automotive inventory and information, Edmunds, auto experts predicts that 15.7 million new cars will be sold in 2024. Jessica Caldwell, Edmunds’ head of insights say “While the year ahead holds the promise of further increased inventory and enticing deals that consumers have eagerly awaited, 2023’s high interest rates are expected to linger, provoking conflicting market dynamics. Automakers specifically will weigh one other key consideration in 2024: Are they satisfied with this newly established supply-demand equilibrium, or are they willing and able to push sales volumes closer to prepandemic norms?”

What determined the used car price trends in 2024?

The used car price trends in 2024 suggest that it is an affordable year to buy vehicles. Unsurprisingly the trend had several reasons. Firstly and foremostly, improvements in the supply chain improved inventory level.
In general, the price of any product is affected by demand and supply. For example, In 2021, new cars, similar to used ones, are in short supply. . At the same time, the number of buyers is increasing. And even the change in demand and supply has its explanation. Due to the Covid-19 Pandemic, people prefer to move by a private means of transportation, rather than public ones. Pandemic showed that there was more need for private vehicles. By owning vehicles people avoid being in overcrowded public transport.

It’s a well know fact that new vehicle price can depreciate by 10-20% in 1-2 years since the purchase date. For that reason, buying a used car is affordable and reasonable for many individuals. Besides, nowadays there are many ways to check each and every detail about vehicle. Some sellers tend to change mileage data for earning more money. However, there are some tips and tricks to check if odometer was rolled back.

Do the new car market trends affect the used car market trends?

Yes, new and used vehicle price trends are always connected to each other. In general, trends in the new automobile market affect the used automobile market years later.

However, according to the Manheim index, prices of used car market trends during the pandemic, were booming partly because of a chip shortage for new vehicles. Most of the new automobiles contain dozens of tiny microprocessors. They control everything from engine timing to cabin temperature.
At the beginning of Covid-19, when the demand for personal electronics increased, it kept the limited number of chip factories busy. As a result, chipmakers couldn’t supply the demand quickly enough. Due to the fact car factories slowed and has rocked the automotive industry. In a short supply and high demand car price trends started increasing.
So, with many new cars released, it will make the used car market a better place for consumers who would like to purchase vehicles at its best price.

What is the best tool for your newly-purchased auto?

You may think about testing the performance of your automobile in a controlled environment because you want to know its full potential. When it comes to testing the automobile and showing off its abilities, you may come across the problem of adding unnecessary miles. SuperKilometerFilter offers you the best solution for it, namely a Mileage blocker that can stop the mileage recording process untraceably. It will help you to test your auto in a controlled environment. Plus, it has easy installation instruction as well. Remember, it is illegal to deceive potential buyers. A Mileage blocker is an ethical tool that offers you flawless performance at any rate. So, keep calm, purchase mileage blocker and test your auto with the help of an extraordinary and user-friendly device. If you have any questions do not hesitate to check the support page or contact the customer service.

Conclusion

Demand for used vehicles has always been high due to several reasons. First of all, by purchasing used automobiles individuals avoid price devaluation. As it’s known, new vehicles tend to lose 10-20% of their price in 1-2 years since their purchase. Besides, used automobiles always cost much lower than the new ones. Hence, buying a used auto has always been more affordable for many individuals. To make them affordable, new vehicle production plays a decisive role. So, we should always have a look on both market before making predictions.