CarGurus, Inc. published its 2024 Recap & 2025 Outlook report on December 12, 2024, identifying affordability as the defining theme of the 2024 auto market. The report noted that consumers became more price-conscious due to high interest rates and elevated vehicle prices.
New vehicle inventory increased by nearly 31% since the end of 2023, with average prices hovering around $49,000. In contrast, the used market maintained tight supply, and the average price declined by 3% to $27,900.
The report also highlighted a significant increase in certified pre-owned (CPO) selection, which grew by nearly 10%, with demand surging by 17%. Key trends to watch in 2025 include the potential impacts of looming tariffs and the possible end of electric vehicle tax credits on vehicle pricing and demand.
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