Used car depreciation outlook, EV sales projections, pickup truck sticker shock

Hey everyone. This week has had it all: cyberattacks, bankruptcies, the works. But if you missed any of the big stories, just keep an eye out for my Week-in-Review newsletter every Saturday, where I bring you the top stories of the week in one quick package. Sign up here for free.

— CDG

1. Vehicle depreciation rates inching closer to pre-pandemic norms

Used cars are depreciating slower than they were last year, reflecting a return to pre-pandemic trends despite sustained volatility in the electric vehicle market and weakened consumer finances.

What this means: After a short but exhilarating period in 2021 when used vehicles actually gained value simply sitting on dealership lots, depreciation came back with a vengeance as new vehicle inventory began to rise, passing a rate of 20% in both 2022 and 2023. This year, however, pricing trends appear to be stabilizing, giving dealers some much needed respite although certain challenges persist … Read More

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2. A closer look at EV sales: Poised for annual growth despite mixed-picture

A deceleration of sales, stubborn barriers to entry for car buyers, and news of another manufacturer casualty are creating a mixed short-term outlook for the EV market. But confronting any unfamiliar technology has its hurdles and doesn’t necessarily mean widespread adoption is unattainable.

Driving the news: Data and estimations for 151 markets show that the Tesla Model Y electric SUV outsold all other models to become the world’s best-selling car in 2023. Additionally, EV sales are still growing and are projected to increase 20% year-over-year in 2024 … Read More

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3. Pickup truck prices are entering luxury territory

Despite average transaction prices (ATP) on new vehicles coming down for 8 consecutive months, full-size pickup trucks have apparently missed the memo.

The big picture: Full-size pickup trucks are now practically in the same price class as luxury vehicles. These high costs are contributing to inventory surpluses in some cases, with many brands having over 100 days’ supply … Read More

• Automakers in Europe sold 2.6% fewer vehicles in May than a year ago.

• U.S. factory incentives drive big gains in April EV registrations despite Tesla's 17% plunge.

• Rental car firm Hertz plans to raise $750 million through notes.

• New cyberattacks in the U.S. cause major problems for car dealerships.

• Range Rover Electric waitlist doubles as over 38,000 line up to buy the brand’s first EV.

Thanks for reading everyone.

— CDG