Mid-July Market Watch

The economy's cooling yet positive growth, along with moderating inflation, has created an energetic environment for stocks, pushing the S&P 500 and Nasdaq to record highs this week.

All major car segments saw year-over-year price declines in early July, but some segments performed better month-over-month.

• SUVs and Pickups — Down 6.0% and 6.1% YOY, respectively.
• Midsize and Compact Cars — Declined 6.6% and 7.0% year-over-year.
• Luxury Vehicles — Dropped 7.7% year-over-year.
• Month-Over-Month Gains — Compact cars up 2.7%, midsize cars up 3.1%, SUVs and pickups up 1.8%.
• EVs vs. Non-EVs — EV prices are down 12.1% YOY and non-EVs are down 5.8%.

Used vehicle prices are becoming more affordable than they have been in the past three years, providing more opportunities for shoppers.

• Price Decline – Used retail prices have fallen 7% compared to 2023.
• Historical Context – Current prices are now below levels at this time in 2021 (a year marked by a significant spike in used vehicle values due to low new production).
• Consumer Sentiment — More affordable prices will hopefully enhance consumer confidence and satisfaction.

👉 Check out our LinkedIn article for the full write-up. 👀

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