Cox Auto analysts said that in 2024, the average cost of used cars in North America is rapidly falling, and the discount is noticeable in all segments. However, demand remains high, so prices have not had time to roll back to 2019 levels. However, purchase prices on the secondary car market are the lowest since 2021: over the year, the average purchase price fell by almost 14%.
Small cars have depreciated the most: over the year, the average bill in this segment fell by 16.9%. Electric vehicles came in second (-16.1%), followed by mid-size models (-15.9%), pickups (-14.6%) and SUVs (-13.5%). Luxury cars lose the least in value: losses amount to 13.2%. Even compared to January, used cars are down 0.9% on average in value, Cox Auto estimates.
According to experts, prices for used cars in the United States will gradually return to pre-pandemic levels: this will be facilitated by an increase in sales of new cars, as well as a decrease in demand for used cars. The coronavirus panic is a thing of the past, supply chains have been restored, competition is growing, and problems with ordering a new car no longer arise.
In Russia, the situation is the opposite: by the end of 2023, used cars have risen in price by a third. Price growth ahead of inflation began during the pandemic and was aggravated by sanctions in 2022. In monetary terms, the secondary car market is growing, but in quantitative terms it is falling: sales of Bueshkas have dropped to a seven-year low.
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