Business
CarGurus 2022 Review & 2023 Outlook: Electric Vehicle Demand Moderates, Luxury Used Vehicle Prices Decline & Most Viewed Cars Show Diversity
Report from the most visited automotive shopping site in the U.S. 1 highlights factors that influenced the automotive market this year and trends to watch in
About this update from Cargurus, Inc.
[{"type":"text","content":"Report from the most visited automotive shopping site in the U.S. 1 highlights factors that influenced the automotive market this year and trends to watch in 2023 CAMBRIDGE, Mass., Dec. 20, 2022 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, today released its 2022 Review & 2023 Outlook Report. The report highlights the year’s most viewed new and used car models; the latest on electric vehicle (EV) inventory, demand, and pricing; and the impact of external forces such as gas prices, stock market trends, and cryptocurrency prices on segments of the market. The report also provides an outlook on trends to watch regarding new and used vehicle pricing and inventory in relation to economic forecasts. “Over the course of 2022, we have seen greater moderation in the automotive market with inventory improving and prices beginning to decline,” said Kevin Roberts, director of industry insights and analytics at CarGurus. “But with economic uncertainty on the horizon, there is the question of how strong consumer demand will be in 2023. While there is a chance that declining prices could stoke more demand, it’s still likely that used sales will see a further dip next year.” 2022 Intelligence Snapshots: Most Viewed Models – Consumers searching for new, certified pre-owned (CPO), and non-CPO used models showed great variety, reflecting the unique factors driving shopping decisions for each segment. New car buyers preferred trucks, SUVs, and performance vehicles, with new model names leading the pack. For example, Ford’s Maverick, Mustang Mach-E, and Bronco models drove three of the top five most viewed.CPO shoppers leaned into securing luxury at a value with Mercedes and BMW securing six spots on the top ten list of most viewed.Non-CPO used car buyers viewed a wide range of vehicles, from Porsche and Audi to Chevrolet and Mazda. However, this segment also showed a preference for finding value without compromising on performance, luxury, and design. EV Demand – Interest in EVs surged when gas prices spiked in June, however that demand, particularly for used EVs, has been on the decline as gas prices have moderated. While new model releases have kept EV views high in 2022, decreases in used EV pricing — notably Tesla’s Model 3, S, and Y, as reported i...