July 2024 Used Car Market Report: Trends and Data | The Healey Brothers Show | Ep. 41

On this episode of The Healey Brothers Show, co-hosts Jason Healey, Brian Healey, and Nicky Paraggio dive into the current state of the used car market. We discuss recent trends, including the overall market performance, with used vehicle values falling for the third straight month but showing positive signs for the second half of 2024.

We'll cover the impact of the recent CDK DMS software outage on dealership operations, noting its effects on both new and used car sales and supply. Our hosts will provide insights into the latest sales and inventory trends, highlighting a 15% year-over-year inventory increase for June and a 14% rise in sales.

The episode also explores the current state of auto credit availability and its effects on the market, with data showing a decline in credit availability in June and varying impacts on different financial institutions. We’ll discuss consumer purchase plans, which have seen a slight decline compared to May but remain higher than June of last year. Additionally, we examine the trends in loan rates, noting decreases in average used and new car loan rates.

Pricing and value trends are also on the agenda, including a 0.6% decline in used vehicle prices in June and an 8.9% decrease compared to 2023. We’ll highlight the top-selling vehicles at Manheim in June and discuss the implications of these trends.

In our guest segment, we ask about our dealership's current inventory numbers and the challenges faced. Finally, we wrap up with closing remarks, summarizing the key points discussed and providing a preview of the next episode.

Tune in for an informative discussion on the state of the used car market and what it means for both consumers and dealerships.