Car Price DROPS in June 2024 - Kevin Hunter the Homework Guy
What’s going on with the Car Market? We’re here to break that down for you, on which kinds of vehicles have the best deals on them based on the most recent sales and inventory reports. Remember how we talked about getting a great car deal by year’s end in 2023? Well, stay with us, because the June 2024 numbers are running neck and neck with year end deals, so you won’t have to wait until Christmas to get the car you’ve had your eye on.
The car market continued to decline last week, but the rate of depreciation slowed somewhat, registering a drop of -0.55% compared to the previous week’s -0.71%. Now, I know those sound like small numbersl, but that’s over 1.25% in the last 2 weeks alone, and on a vehicle worth $20,000, that’s $250 off. What I’m saying is that numbers are headed in the right direction. You can watch this happen too. As an example, a lot of our viewers will watch a given vehicle online for a few weeks before contacting the dealer. You can do this too by writing down the price every time you go to the dealer’s website. Keepm track of when the price has changed. Why? To see if the price drops, of course. So, if you’ve been watching a vehicle online for the past 2 weeks and haven’t seen the price drop at least $250, the dealer is being clueless about the value of the vehicle or they’re just slow. Your best choice might just be to pass this dealer over. Now, overall, the car segments are dropping a little more than the average and the truck and SUV segments are dropping a little less.
The most exciting chart in this week’s Black Book Weekly Report is the Weekly Wholesale Price Index. For week 24, that’s mid June in 2024, 2 to 6 year old used car prices are lower than they were in 2023, and for the first time in over three years they are nearly the same as they were in 2019, before the pandemic and inflation blew up the car market. Here’s another way to look at it:The Wholesale Prices, for the Week Ending June 15, are sitting at the same place that car prices were at going into the end of the year, 2023. Last fall, we reported that year end was a great time to buy a car, all things considered. There were a lot of hungry dealers, willing to give up big discounts to move inventory. A lot of dealers wanted to close the 4th quarter of sales and the 2023 year in a strong sales position. But, prices went back up in January and carried higher into April as a result of the April ‘tax rebate’ effect.
Now, in June, the ‘year end prices’ of last year are already back.
SUBSCRIBE ON YOUTUBE / kevinhunter #Car #dealership #cars #usedcars #carsforsale #TheHomeworkGuy THE BEST CAR BUYING ADVICE YOU CAN FIND is published by The Homework Guy Team (THG)! We’re the team of Auto Experts, Finance Gurus, and Car Pricing Strategists that well over 45 Million Car Buyers have come to know and trust.
VISIT OUR WEBSITE: https://thehomeworkguy.com
FREE CAR BUYERS BLOG https://thehomeworkguy.com/car-buyers...
WANT TO LEAVE A TIP FOR THE HOMEWORK GUY TEAM?
https://www.paypal.me/consumeradvice or https://cash.app/$TheHomeworkGuy
WE THANK YOU IN ADVANCE! WE APPRECIATE YOU SUPPORTING OUR MISSION!
JOIN US ON OTHER SOCIAL MEDIA!
Facebook: / thehomeworkguy
Twitter: / thehomeworkguyz
Instagram: / the_homework_guy
Rumble: https://rumble.com/c/c-419535
Bitchute: https://www.bitchute.com/thehomeworkguy/
For the best FREE car buying advice available on the planet, make sure you see our Car Buyers Blog on thehomeworkguy.com! Also, by the time you’re done seeing this show, our new book “Buy Smart, Drive Confidently” will be available as an ebook, and an audio book, and links for it can be found on our website, thehomeworkguy.com! The Homework Guy Team has always proudly represented you, the cash car buyer, so let’s roll!
Cash transactions are a dealerships Achilles' heel. Not to mention, it’s always better for our economy when there’s less borrowing and more saving, and fewer people going into significant debt on a rapidly depreciating tangible asset! Yes, you heard me right. A vehicle is NOT an investment. No matter what any finance officer tells you..
Let's quickly revisit the basics before diving in. You should always avoid announcing your intention to pay with cash upon entering a dealership, or when initiating contact with them via email. You might wonder, "But isn't cash supposed to be king?" While that was true years ago, sadly enough that era has passed us by. In today's automotive market, hefty profits are crowned the King, and these royale profits aren't easily garnered from cash transactions, nor from you smart Homework Guy viewers out there! And especially not from anyone who hires us to negotiate their car deal directly!
