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Search resuls for: "iSeeCars"


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☆ Automakers are pausing factory lines to help keep inventory low and prices high
  + stars: | 2023-05-03 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +4 min
Throughout the height of COVID, carmakers got used to getting high prices. But some carmakers might limit their inventory to keep supply down and prices up. Since recovering from COVID-related plant shutdowns and an extended shortage of chips required for today's tech-laden cars, companies like Ford, General Motors, and Stellantis have finally seen more cars head to dealer lots. But they got used to selling vehicles for high prices with minimal inventory on their lots. But shoppers shouldn't necessarily see some automaker's low inventory as a signal of high demand for a vehicle that they'd have to pay big dollars to compete on.
☆ Some cars, including the Toyota Corolla and Ford Bronco, are worth up to $8,000 more used than if they were new
  + stars: | 2023-04-11 | by ( Alexa St. John | Tim Levin | ) www.businessinsider.com   time to read: +4 min
But there are 14 used cars that cost more than their new versions, per a new iSeeCars analysis. A lightly used Toyota Sienna or Kia Carnival could cost thousands more than they do new. ToyotaToyota Corolla HybridUsed price: $27,809Difference used over new: $2,038Toyota SiennaUsed price: $50,978Difference used over new: $1,806The 2022 Toyota RAV4 Prime XSE. Tim Levin/InsiderToyota RAV4 PrimeUsed price: $51,298Difference used over new: $1,726Toyota Corolla CrossUsed price: $30,636Difference used over new: $853The Kia Carnival. HondaHonda Accord HybridUsed price: $34,704Difference used over new: $152Chevrolet CorvetteUsed price: $84,827Difference used over new: $324Kia RioUsed price: $20,135Difference used over new: $27Honda AccordUsed price: $30,404Difference used over new: $16
☆ Used Tesla Model Y's are listed for 22% less than 3 years ago. Here are the EVs with the worst resale value.
  + stars: | 2023-04-04 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +2 min
Many car buyers wonder how electric cars will hold or lose their value over time. Here's which electric cars depreciated the most over the past three years. The average price of a used EV was about $32,750 in December, according to Recurrent's index of popular used EV models. Industry experts at iSeeCars.com pulled data on the average list price for several used electric cars that were 1 to 5 years old. Used Volvo XC40 Recharge SUVs in that age range saw the largest percent decrease in their average listing price since 2021 at a whopping 36%.
☆ A used F-150 costs 30% more than it did 3 years ago. See how the pandemic made America's most popular cars less affordable.
  + stars: | 2023-04-04 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +2 min
iSeeCars.com pulled data on the average list price for the 10 most popular used gas-powered cars. Industry experts at iSeeCars.com pulled data on the average list price for the 10 most popular used gas-powered cars that were 1 to 5 years old. (Note: Listing price does not necessarily mean final transaction price.) Used Ram 1500 pickups in that age range saw the largest percent increase in their average listing price since 2020 at a whopping 32%. If you're in the market for one of the 10 most popular used gas-powered vehicles, you might want to take a look at what they're listing for.
☆ Buying a car won't ever go back to normal — so you might as well buy now
  + stars: | 2023-03-16 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +7 min
What makes it a good idea to buy a car right now? It's important to remember that car buying is probably never going back to "normal." Used prices are expected to go back up again, creating a short window of opportunity. As for interest rates: It's hard to say what will happen in the long run. A cash buyer ready to undertake sufficient due diligence can certainly get a solid deal in today's car market."
☆ 31% of new cars sold for above sticker price last month. These 10 models have the biggest premiums
  + stars: | 2023-03-10 | by ( Sarah O'Brien | ) www.cnbc.com   time to read: +2 min
An estimated 31% of new vehicles were sold above MSRP last month, according to a joint forecast from J.D. On average, new autos are priced 8.8% above the manufacturer's suggested retail price, or MSRP, according to new research from iSeeCars.com. The biggest premiums paid are for luxury vehiclesAs for which cars are priced the most above MSRP: Most of them are luxury models, according to the iSeeCars study. Coming in first for the highest premium is the Genesis GV70, whose average price of $56,476 is 27.5% above an MSRP of $44,299. For instance, the Chevrolet Silverado 1500 comes with an average price of $50,116, which is 1.9% below an MSRP of $51,103.
☆ Traditional automakers have one huge leg up on EV startups: A nationwide network of shops ready to service cars
  + stars: | 2023-02-16 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +6 min
But today's EV startups don't operate that way. When in need of service, car buyers typically utilize the massive dealership network automakers like Ford, GM, Toyota and others have, or choose to take their vehicle elsewhere. Unlike Tesla, today's EV startups can't afford to tick their owners off with waits or make prospective buyers worry about repairs and service. The right-to-repair movement is also going to be significant for EV startups moving forward. "It comes down to how confident a given consumer feels when going with an electric vehicle from a new EV brand versus a traditional car from a traditional car company," Brauer said.
☆ Car prices could drop 20% this year. Here's where to expect the best deals first.
  + stars: | 2023-02-01 | by ( Tim Levin | Alexa St. John | ) www.businessinsider.com   time to read: +3 min
After years of high prices and low inventory, car buyers might finally see things go their way. Consider certain brands or vehicle types if you’re car shopping in 2023. As a result, JPMorgan says, used car prices could fall by as much as 20% in 2023, and new car prices could drop by 5%. "The biggest, fastest drop in prices in returning toward normal, pre-pandemic prices would probably be in those segments," Brauer said. Pickup trucks, though popular in general, don't have great fuel economy, so prices have softened amid higher-than-normal gas prices, Brauer said.
☆ New electric cars come with a built-in mystery: Nobody can predict their resale value
  + stars: | 2023-01-24 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +5 min
But it's hard to say exactly how a used EV depreciates without much historical data. There are many things to consider when evaluating a used EV. Nobody knows how much a used EV is worthThe way that used luxury and non-luxury gas-powered vehicles depreciate might not necessarily apply to used electric cars because of several caveats, according to Edmunds analysts. What data we do have on used EV sale prices may not apply to the cars coming out now. There isn't much used EV data available to know how an EV might depreciate.
☆ Used cars are finally getting cheaper. Tesla's Model 3 and these 9 models are seeing the biggest price drops.
  + stars: | 2023-01-19 | by ( Tim Levin | ) www.businessinsider.com   time to read: 1 min
These 10 used models saw the biggest price drops in the last four months of 2022, according to a recent study by iSeeCars.com. Ram trucks at a car dealership. AP Photo/David ZalubowskiThe firm analyzed sales of 1-5-year-old cars, excluding any models that were discontinued as of 2022 or were on sale for 3 or fewer model years in the period studied. Read more: Car buying is never going back to normal
☆ Electric cars are killing the car dealership as we know it
  + stars: | 2023-01-12 | by ( Nora Naughton | ) www.businessinsider.com   time to read: +4 min
The dealership model, in which retailers buy from automakers and sell vehicles to consumers, has been protected for nearly a century by robust franchise laws. Thanks to the disruption caused by EVs, car shoppers of all kinds can expect to spend less time wandering dealership lots, talking with salespeople, and haggling over pricing. Companies like GM and Ford are trying to strike a balance between direct sales and the dealership model. Still, two-thirds of Ford dealers have signed on for the program, according to CEO Jim Farley. With the launch of the Cadillac Lyric, GM used a digital retail network that allows car shoppers to complete transactions entirely online, in the dealership, or a hybrid of both.
☆ Now is a great time to buy a used Tesla
  + stars: | 2022-12-28 | by ( Tim Levin | ) www.businessinsider.com   time to read: +2 min
Prices for used Teslas are dropping faster than the rest of the used-car market, Reuters reported. Secondhand Tesla prices dropped by some $11,500 between July and November. Prices of secondhand Teslas have dropped faster than used cars from other brands, Reuters reported Tuesday, citing data from Edmunds. Declining gas prices, competition from other brands, and high interest rates are all contributing to the dropping prices, Reuters reported. Used Teslas losing value could impact demand for the brand's new cars, Karl Brauer, executive editor at the car search engine iSeeCars.com told Reuters.
☆ Use this calculation to find the best used car for your money — plus 10 models that come out on top
  + stars: | 2022-12-27 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +4 min
The report then ranked those models based on the cost per remaining mile calculation to determine which used cars are the best deal. The 10 best used cars for the moneyIn the No. Overall, five Toyotas made the top 10 list of best 5-year-old used cars for the money, also including the Camry, Corolla and Avalon. He offered these five tips for anyone in the market for a used car. Being "basic" has its benefits: Going with widely popular models has an added advantage when it comes to buying a used car, Drury said.
☆ Tesla used car price bubble pops, weighs on new car demand
  + stars: | 2022-12-27 | by ( Hyunjoo Jin Nivedita Balu | Hyunjoo Jin | Nivedita Balu | ) www.reuters.com   time to read: +4 min
But the days of the Tesla flip are numbered - a potential threat to new car prices that are already getting cut. The average price for a used Tesla in November was $55,754, down 17% from a July peak of $67,297. The overall used car market posted a 4% drop during that period, according to Edmunds data. The used Teslas were in dealer inventory for 50 days on average in November, compared with 38 days for all used cars. He ordered a new one - but has just bought a used Tesla at a discount.
☆ Car prices could drop 20% next year. Here's where to expect the best deals first.
  + stars: | 2022-12-19 | by ( Tim Levin | Alexa St. John | ) www.businessinsider.com   time to read: +3 min
After years of high prices and low inventory, car buyers might finally see things go their way. Consider certain brands or vehicle types if you’re car shopping in 2023. As a result, JPMorgan says, used car prices could fall by as much as 20% in 2023, and new car prices could drop by 5%. "The biggest, fastest drop in prices in returning toward normal, pre-pandemic prices would probably be in those segments," Brauer said. Pickup trucks, though popular in general, don't have great fuel economy, so prices have softened amid higher-than-normal gas prices, Brauer said.
☆ These 10 cars have the greatest potential lifespan — and 6 are Toyotas
  + stars: | 2022-12-04 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +1 min
watch nowNew cars are getting increasingly expensive. But they're also more durable than before, which means drivers have a better chance of getting their money's worth. Power and LMC Automotive — the average age of cars on the road also hit an all-time high of 12.2 years in 2022, a separate report by IHS Markit found. The average age had been just over 11 years a decade ago. 10 cars with the greatest potential lifespanAmong the models with the greatest potential lifespan, Toyota Sequoia topped the list, with the ability to travel nearly 300,000 miles, followed by the Land Cruiser, according to a recent iSeeCars study, which analyzed more than 2 million cars over the past 20 years to see which vehicles could last the longest.
☆ These 10 used cars have held their value the most
  + stars: | 2022-11-11 | by ( Sarah O'Brien | ) www.cnbc.com   time to read: +1 min
martin-dm | E+ | Getty ImagesSports cars, Jeep models among slowest to depreciateThe top three cars that have held the most value over the last five years are the Jeep Wrangler, which showed the least depreciation (7%), followed by the Jeep Wrangler Unlimited (8.7%) and the Porsche 911 (14.6%), according to the iSeeCars analysis. "The relative scarcity of late-model used cars due to pandemic-related new car production disruptions has kept used car values high for more than a year," said Karl Brauer, executive analyst for iSeeCars. The report also showed that some 3-year-old cars have held their values to the point that they sell for above their sticker price. Average new car price is up 8.4% from a year agoThe cost of new cars also has been climbing through the pandemic-induced inventory shortages. While increases are easing, new vehicle prices are 8.4% higher than they were a year ago, according to the inflation data.
☆ Some of America's favorite cars, like the Toyota RAV4 and Prius, are now vastly unaffordable thanks to flat wages and astronomical prices
  + stars: | 2022-10-27 | by ( Tim Levin | ) www.businessinsider.com   time to read: +3 min
Popular cars like the Toyota RAV4 and Ford Mustang aren't affordable to buy used anymore, according to a new study. For example, a three-year-old Toyota Prius will now run you $32,000. A shortage of new vehicles and other pandemic-related factors have driven car prices through the roof in recent years. "From August of 2019, well before the pandemic lockdowns started, to August of 2022, new car prices increased by almost 29 percent, and three-year-old used car prices increased by 52 percent, but incomes increased by only 13%," said Karl Brauer, executive analyst at iSeeCars. A three-year-old used car needs to cost $25,542 or less to be affordable under iSeeCars' criteria.
☆ New cars are still selling for over MSRP. Here's how to avoid sticker shock
  + stars: | 2022-10-15 | by ( Ian Thomas | ) www.cnbc.com   time to read: +6 min
A couple browses a car's sticker price. For example, Mercedes-Benz purchasers paid between 2% to 4% more than the sticker price. On top of that, the average price of used cars has been steadily dropping, even if that was coming down from a very high point. In August, the average used car sold for $28,061, a 4% year-over-year decline but still up nearly 40% from December 2019 before the Covid-19 pandemic. The recent decline is a function of used car sales slowing, down 9% in August from a year earlier, making it even more likely you might get a good deal on a used car lot.
☆ Prepare to pay up to $17,000 over MSRP for these 15 cars with the worst dealer markups, including the Jeep Wrangler and Porsche Cayenne
  + stars: | 2022-09-23 | by ( Tim Levin | ) www.businessinsider.com   time to read: 1 min
On average, dealers are asking 10% above MSRP for new vehicles, according to a recent study by the car-shopping website iSeeCars. Compare that to pre-pandemic times, when salespeople would hand out aggressive discounts to move cars off of their lots. View of a used car dealership in Ridgewood, Queens New York on January 19, 2022. Pablo Monsalve/VIEWpress/Getty ImagesSource: iSeeCars
☆ Car buyers pay 10% above the sticker price, on average — or more if you want a Jeep or Porsche
  + stars: | 2022-09-21 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +1 min
Forget getting a deal; these days, anyone in the market for a new car could pay thousands over the sticker price before they drive off the lot. Limited inventory due to a persistent shortage of computer chips, along with other supply-chain challenges, helped propel new car prices up 10% from a year ago, according to the latest data from the U.S. Bureau of Labor Statistics. For new cars, the average transaction price reached an estimated $46,259 in August — the highest on record, a separate J.D. And now, as demand continues to exceed supply, dealers are even charging a premium over the manufacturer's suggested retail price on new vehicles, according to car shopping site iSeeCars. "Consumers are willing to pay well above sticker price for new cars because inventory is so scarce and because they know that new car pricing is not expected to improve until 2023 at the earliest," said Karl Brauer, iSeeCars' executive analyst.
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