December 8, 2023 | Market Insights from Bob McConkey
Well, here we are winding down 2023. For me this year has flown by and has kind of felt like just another extension of the journey that began in the first half of 2020.
The tremendous ups and downs of the past few years have been unprecedented. One of my New Year’s resolutions is not to think or talk about what transpired from 2020-2022 anymore. I feel like it is time to move on.
The market is determined to move on and resume a sense of seasonal normality and customary vehicle depreciation. Late-model vehicle depreciation has been painful for us all as of late. It is also painfully necessary in order to restore a healthy balance between the value of a new car and a used car. We are well down the road toward establishing healthy values again for the overall used car market.
Much of the necessary pain has been suffered.
I don’t foresee a miraculous upswing in January, but I do see prices stabilizing and demand improving slowly throughout Q1 of 2024.
These are not easy times, but times are seldom easy. We all have our way of figuring out how to navigate whatever is put in front of us. For me, what was in the past is irrelevant, and what is ahead is some long-awaited stability and an improving market based on realistic values and a balance of new car and good used car inventory.
I want to thank each and every customer who chooses to make us your home auction. Our goal is to serve you and be the best we can be, earning your business all over again every week.