CarGurus Unveils the Best Used Cars for 2024, Preparing Shoppers for the Ideal Time to Buy
CarGurus (Nasdaq: CARG) released its 2024 Best Used Car Awards, identifying the best used cars in 11 categories. The awards aim to help consumers find cost-effective alternatives to new car purchases, with potential savings of approximately $800 during the week of February 12. The winners include the Honda Accord, Hyundai Santa Fe, Ford F-150, Audi A4, Kia Telluride, and Porsche 911.
The recent announcement by CarGurus regarding their 2024 Best Used Car Awards is indicative of the platform's influence on consumer behavior in the automotive resale market. The awards highlight the most desirable used cars across various categories and could potentially shape demand for these models. From a market research perspective, the disclosed timing for optimal used car purchases, with an average savings of 2.8%, is a strategic insight that could sway consumer purchasing patterns. This information, coupled with the 6% increase in listings, suggests a buyer's market in the specified period. CarGurus' data-driven approach in determining the best time to buy may influence the timing of consumer purchases and consequently, the inventory turnover for dealerships.
Furthermore, the recognition of specific models, such as the Honda Accord and Hyundai Santa Fe, can affect their resale value and demand. This may lead to a higher volume of searches and potentially higher prices for awarded models, impacting the used car market dynamics. It's also noteworthy that the exclusion of electric vehicles (EVs) due to limited variety could signal to manufacturers and consumers alike the growing importance of this segment in future years. The anticipation of an EV category in the 2025 awards could spur interest and investment in the used EV market.
CarGurus' release of its Best Used Car Awards aligns with its status as a leading digital auto platform and has implications for its business model and stock performance. By providing consumers with researched recommendations, CarGurus is not only positioning itself as a trusted authority in the used car market but also potentially driving more traffic to its platform. This could result in increased revenue from advertising and dealer subscription services.
The timing of the announcement could be strategic, potentially preceding a seasonally strong quarter for used car sales. If CarGurus' platform can capitalize on the increased consumer interest generated by the awards, this could translate into stronger quarterly financial results. Investors should monitor the company's user engagement metrics following the awards announcement, as a significant uptick could signal a positive outlook for the company's short-term performance. However, it's also important to consider the broader economic context, including interest rates and new car prices, which could moderate consumer spending and impact CarGurus' growth trajectory.
The CarGurus Best Used Car Awards carry weight within the automotive industry, potentially influencing both consumer preferences and dealership stock strategies. By identifying standout models in various categories, CarGurus is effectively directing consumer attention towards certain vehicles, which could result in a self-fulfilling prophecy where these models experience increased demand and, consequently, value retention or appreciation.
It's important to consider the implications of the awards on the industry's approach to inventory management. Dealerships might adjust their acquisition strategies to focus on stocking award-winning models, anticipating heightened consumer interest. Additionally, the awards could impact the marketing strategies of automotive brands, as they may leverage these accolades in their promotional efforts for both new and used models.
Lastly, the exclusion of EVs from this year's awards due to a limited variety in the market is a telling sign of the nascent but rapidly evolving nature of the used EV market. This gap presents an opportunity for growth and indicates a potential shift in the industry as consumer demand for environmentally friendly options increases. CarGurus' plan to include an EV category in the next awards cycle reflects an acknowledgment of this trend and could catalyze further development in this sector.
01/24/2024 - 09:00 AM
Informed by a team of expert reviewers and backed by data, CarGurus shares the best options for used car shoppers across categories, including best family car, city car, SUV, and more
CAMBRIDGE, Mass., Jan. 24, 2024 (GLOBE NEWSWIRE) -- CarGurus 1 , today released its 2024 Best Used Car Awards. Referencing an expansive set of pricing and availability data, consumer trends, and experience test driving over a thousand cars, CarGurus’ panel of expert reviewers has identified the best used cars in 11 categories, including the best family car; city car; large, small, and midsize SUV; and the best overall used car, recognized with the CarGurus Used Car of the Year Award.
The awards come in time for shoppers to prepare for the best time to buy a used car in 2024, according to CarGurus research. An analysis of national weekly average price and inventory data for the past seven years, accounting for pre- and post-COVID market shifts, revealed that buying a used car during the week of February 12 could, on average, amount to a 2.8% savings compared to the average week - with access to over 6% more listings. Based on the current average used car listing price $28,731 , consumers have the potential to save approximately $800 on a purchase during this time.
“With many shoppers feeling the pinch of higher interest rates and new car prices remaining 30% above pre-pandemic levels, all eyes will be on used cars as a more cost-effective alternative to finding a great deal this winter,” shares Matt Smith, CarGurus Deputy Editor. “Now in its sixth year, the CarGurus Best Used Car Awards aim to help consumers pinpoint their ideal car match with added confidence.”
A preview of the 2024 CarGurus Best Used Car Award winners include:
CarGurus 2024 Used Car of the Year: Honda Accord (Tenth Generation). “In addition to being named the best city car, the tenth-generation Honda Accord is a fantastic all-around vehicle. Few vehicles combine the Accord's impressive performance and efficiency with its level of practicality, build quality, and safety,” explains Smith. Current average listing price: $23,106 2 .Best Midsize Crossover/SUV: Hyundai Santa Fe (Fourth Generation). Sold between 2019 and 2023, the fourth-generation Hyundai Santa Fe delivers an outstanding combination of tech, safety features, and value. “It helps that the Santa Fe is a good-looking vehicle, too; although it hasn’t adopted many of the current auto marketplace’s design trends, it doesn’t look boring or outdated,” Smith adds. Current average listing price: $26,229 2 .Best Large Pickup Truck: Ford F-150 (Fourteenth Generation) . Introduced for the 2021 model year, this latest F-150 builds on more than seven decades of truck-building experience. Shoppers can find a Ford F-150 for any need, thanks to multiple body styles, multiple powertrain options, and enough trim levels to make a head spin. According to Smith, “CarGurus reviewers have been impressed by how the F-150 combines its noteworthy capability with smart design, great technology, and an outstanding suite of safety features.” Current average listing price: $48,224 2 .Best Luxury Sedan : Audi A4 (Fifth Generation) . According to Smith, “Although it’s received only a minor facelift since arriving for the 2016 model year, the fifth-generation Audi A4 is nonetheless one of the best-looking sedans on the market. This luxury sedan has aged incredibly well, offering as impressive a driving experience as it did eight years ago. Earlier examples can be equipped with front-wheel drive (FWD), but later A4 models include Audi’s famous Quattro all-wheel-drive (AWD) system as standard equipment.” Current average listing price: $25,568 2 .Best Family Car: First Generation Kia Telluride. Since arriving for the 2020 model year, the Kia Telluride has become a popular choice among shoppers and reviewers, alike. The super-sized midsize crossover SUV was one of the first of its kind; comfortable enough for daily driving duties while also large and capable enough to seat up to eight adults. Current average listing price: $36,241 2 .Best Sports Car: Porsche 911 (992; Eighth Generation). According to Smith, “ The Porsche 911 is a quintessential sports car in every way—it’s instantly recognizable, offers limited practicality, and drives as if it were engineered solely for performance. The 992-Series Porsche 911 has been on sale since the 2019 model year and is offered in a wide range of trim levels, from rear-wheel-drive convertibles to all-wheel-drive coupes, and with powertrains that evolve from ‘fast’ to ‘how is this legal?’.” Current average listing price: $197,177 2 . The full list of CarGurus Used Car Award winners can be found here
Methodology:
CarGurus Used Car Award nominees were selected from car models at least two years old and originally for sale in the U.S. Nominees were shortlisted on criteria including availability and search interest on CarGurus. CarGurus’ expert team of vehicle reviewers evaluated each vehicle, after which the accumulated data was analyzed to determine this year’s winners. Of note: Due to the limited variety of electric vehicle (EV) models on the market two years ago, this segment has been excluded this year. CarGurus expects to feature its first-ever Used Car Awards EV category in 2025.
About CarGurus
CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire, and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms, and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S.1
CarGurus also operates online marketplaces under the CarGurus brand in Canada and the U.K. In the U.S. and the U.K., CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.
To learn more about CarGurus, visit www.cargurus.com , and for more information about CarOffer, visit www.caroffer.com .
CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks, and registered trademarks are the property of their respective owners.
1 Similarweb 2 Source: CarGurus listings data as of 1/15/2024
Media Contact: pr@cargurus.com
What are the 2024 Best Used Car Awards released by CarGurus?
CarGurus released its 2024 Best Used Car Awards, identifying the best used cars in 11 categories.
What is the potential savings for consumers during the week of February 12 according to CarGurus?
Consumers have the potential to save approximately $800 on a purchase during the week of February 12.
Which cars were named winners in the 2024 Best Used Car Awards by CarGurus?
The winners include the Honda Accord, Hyundai Santa Fe, Ford F-150, Audi A4, Kia Telluride, and Porsche 911.
