Cars Commerce’s latest Industry Insights Report reveals significant shifts in the automotive landscape during the first half of 2024.
Highlighting a staggering 930% increase in new electric vehicle (EV) demand since 2019, the report underscores the transformation from a niche market to a mainstream choice. While new EV prices have risen 56%, recent trends show a 4% drop in costs compared to last year, saving consumers approximately $2,400 per vehicle.
The overall car market has evolved, with new car prices hovering around $49,106, a 30% increase since 2019.
While inventory remains constrained, a 13% boost in new car availability in the first half of 2024 offers hope for buyers. Trade-in values, up 48% since 2019, provide further leverage amid ongoing supply challenges.
Overall, the car market is increasingly characterized by higher prices but improved access and inventory, signaling an important turning point in automotive commerce.
