Thanks to a tight supply of late-model used vehicles, values don’t dramatically drop once the odometer crosses six figures, according to a new report from vehicle information site.
Car buyers are putting down $504 more on a new-vehicle purchase than they did five years ago. But with buyers purchasing pricier cars and interest rates on the rise, something has to give, Edmunds.com analysis said.
While low interest rates and consistent values are making it possible for the market to absorb the wave of newer, more expensive off-lease vehicles, demand for older, less expensive vehicles hasn't waned. But with fewer older vehicles available, sellers will be at a disadvantage, Edmunds said this week.
Register to learn about how online reviews can enhance your online reputation, get you noticed on top sites, and drive customer purchase decisions.
Leasing accounted for 31% of new-vehicle sales in 2016, up from 29% in 2015. And according to the vehicle information, nearly one-third of all millennials turned to leasing to secure a new vehicle.
The vehicle information site expects new-vehicle sales to total 1.15 million units in January, a 31.5% decrease from December and a 0.7% decrease from January 2016.
Edmunds this week unveiled a revamped online experience and refreshed new logo. The company has also dropped the '.com' from its name and will now be known as simply “Edmunds,” according to a company announcement.
Edmunds.com believes the industry will sell 1,629,011 new cars and trucks in December. If realized, the prediction puts the industry on pace to break last year's sales record. But the firm says it'll be a photo finish.
The company’s directors say Reputation Butler tackles a problem that dealerships face almost daily: monitoring and keeping track of online consumer reviews on countless platforms.
Edmunds has launched Edmunds Ad Solutions, a mobile-optimized ad tool designed to help dealers target in-market car shoppers on Facebook and Instagram using the firm's first-party shopping data.
