CarGurus, Inc. released its Quarterly Review for Q3 2024 on October 8, 2024, identifying a pronounced consumer need for affordability in the automotive market. The report indicated that consumers are becoming more prudent due to economic uncertainty, high interest rates, and elevated vehicle prices.
The shift towards affordability was evident in sales data, with new cars priced between $20,000 and $30,000 accounting for 43% of annual sales growth. Similarly, used cars in the $15,000 to $20,000 range drove 59% of annual sales growth, highlighting concentrated demand in these segments.
Conversely, used cars priced over $30,000 experienced a decline in sales and remained on dealer lots for longer periods. The review also noted that hybrid vehicle demand surpassed that of electric vehicles during the quarter, reflecting evolving consumer preferences for fuel efficiency.
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