Hello and welcome back to our weekly dive into the auto market, with a special look at the week ending February 10, 2024. It’s like stepping outside to find that winter might just be giving us a break a little earlier this year.
The market’s showing signs of life in ways we haven’t seen for a while, and it’s pretty exciting. So, let’s break it down, keeping it simple but insightful.
Auto Market Update Week Ending Feb 10, 2024 (PDF)
Wholesale Prices: A Hint of Spring
Starting off, the wholesale market is showing some unexpected warmth. Cars and trucks are holding their value a bit better than usual for this time of year. Specifically, cars are doing slightly better week over week, and both are outperforming the norms we saw before the world got all topsy-turvy with the pandemic. It’s like the market’s waking up from its winter nap and stretching its limbs a bit.
| This Week | Last Week | 2017-2019 Average (Same Week) | |
| Car segments | -0.18% | -0.22% | -0.35% |
| Truck & SUV segments | -0.29% | -0.38% | -0.36% |
| Market | -0.26% | -0.33% | -0.36% |
Compact Cars: The Little Engine That Could
Now, the real story might just be with the Compact Cars. These little guys are on a bit of a winning streak. No matter their age, they’re gaining in value, and it’s not just a one-time fluke. We’re talking weeks on end of positive movement. It’s a bit like watching the underdog start to take the lead in a race, surprising but definitely cheering material.
Trucks and SUVs: A Bit of Everything
Over in the truck and SUV segments, things are a bit more mixed. Some categories are seeing a bit of growth like Full-Size Crossovers/SUVs and Small Pickups finding their stride after a quiet spell. It’s a reminder of how diverse and dynamic the market can be, with different segments finding their moment at different times.
Used Retail Prices: The Clear Price Revolution
One of the biggest breaths of fresh air? The way used car prices are being handled. The move towards clear, no-haggle pricing is making the whole buying process a lot more straightforward and pleasant. It’s a change that’s not just good for buyers but helps everyone get a clearer picture of where the market is at.
Steady As She Goes in the Wholesale Market
As we kicked off February, the wholesale market kept its steady pace. There’s a balance being struck between inventory levels and value stability, with no wild swings but rather a consistent approach. It’s like the market’s found its rhythm, moving along at a pace that’s neither too fast nor too slow, with a weekly sales rate that suggests a balanced outlook.
Looking Ahead: What’s Around the Corner?
Wrapping up this week’s look at the auto market, there’s a sense of cautious optimism in the air. From the surprising resilience of Compact Cars to the steady handling of the wholesale market, there’s a lot to keep an eye on.
As we move forward, it’s about watching these trends, learning from them, and maybe getting a hint of what the rest of 2024 might bring. With all these positive signs, what do you think is next for the auto market?
