Carmigo is bringing you the best-selling used cars for March (or at least our prediction). We’ve analyzed trends on our marketplace as well as the general car market and compared those with U.S. economic trends to help you decide if this is the month to sell your car, or if you should consider waiting.
We have seen an increase in new and used car sales in the last month. And used car prices are down compared to previous months but still up compared with historical trends.
On the Carmigo Marketplace, we’ve seen initial offers and buyer expectations come closer together than they have been since before the used car bubble burst, which feels like a good omen for used car prices and sales going into March.
All eight of the market segments (e.g. trucks, vans, compact cars, etc.) lost value compared with this time last year, but pickup trucks saw the smallest decline. In fact, we’re seeing a full-blow pickup truck renaissance.
The Ford F150 has returned to its previous glory. We sold 85% of the Ford F150s listed on the Carmigo marketplace last month. The offers prices are slowly going up compared with last fall, and sellers are accepting those offers more readily. As truck demand continues to rise, we expect the F150 to say on top.
The Chevy Silverado has the same story as the Ford F150. In fact, we sold every Silverado 1500 we listed in the last month. And we sold a large majority of the other sizes of Silverados listed on the Carmigo Marketplace. The only reason the Silverado is listed lower than the F150 is sheer volume. The Silverado should continue to sell well in the coming months.
You can’t beat the Camry. They hold value well and are always in fairly high demand because of their year-over-year reliability, fuel economy, and safety standards. Of the Camrys listed on the Carmigo Marketplace in the last 30 days, we sold 75%.
The Toyota 4Runner was a bit of a surprise hit for us this month. In previous months vehicles that size haven’t moved as well. Combine that with the fact that 4Runner owners usually drive them until their 4Run into the ground. But we sold 100% of the 4Runners we listed on the Carmigo Marketplace this month. We expect to see similar results in March.
The Camry wasn’t the only Sedan doing well, just the most popular. We saw lots of offers on Honda Accords, Hyundai Sonatas, Ford Fusions, and Nissan Sentras to name a few. Sedans do well in most markets because of their price and reliability, but we’ve seen increased interest lately.
Tesla slashed new car prices to start 2023, so most Tesla buyers are opting to get a new model since it’s cheaper in some cases. iSeeCars reported a nearly 5 percent drop in used Tesla values following the price cut announcements.
Full-sized pickup trucks are hotter than just about anything right now. They’re depreciating slower than other body types and they’re selling across makes and models. At the same time, new small trucks are some of the most affordable vehicles, so there is less interest in small trucks.
Broncos were selling like gangbusters when they first came out. And then, when there was a shortage new Broncos, folks began selling their used Broncos at inflated prices compared with the Teslas. I don’t think they’re less popular right now, they market was just so inflated that any price seems too low for many sellers.
Luxury cars are seeing higher depreciation across all body types than other cars. That means anyone selling a used luxury car is going to sell for significantly less than they purchased the car for.
It’s just been a rough couple of months for Kia Souls on the Carmigo Marketplace, and as far as we can tell, that holds pretty true across the board. It seems like the Kia Soul isn’t holding much value in the current market.
Shameless Plug: A lot of these price trends are based on the Carmigo Marketplace data. Carmigo is a one-of-a-kind platform that lets private car owners sell their used cars to dealerships.
Note: These predictions are simply that: predictions. We cannot tell the future. They are based on trends we’ve seen in the marketplace but are not a guarantee of future market outcomes.
