The Automotive Troublemaker: That's A Wet Towel

New Prices Steady, Used Prices Down, Wet Towel Teslas, and Promo Codes For All

July 26, 2024

It’s the last weekend of the month, and we’re digging into fresh insights from the team at Cars Commerce. Plus we talk about ways to NOT charge your Tesla and how everyone’s using promo codes.

A new Monthly Industry Insights Report released by CARS Commerce shares internal data from the first half of the year, revealing that despite increased inventory, prices are still holding on new cars, while used is a slightly different story

  • Average new car price was down 1.2% to $49,106, demand was down 16.9% (searches) and supply was up 13.4% (marketplace inventory).

  • On the used side, avg prices dropped 5.4% YOY for the first half of 2024, at $28,815, while demand was down 5.5% and supply was down 3.9%.

  • There was some relief for budget shoppers, as total vehicles priced under $30K grew 57% YoY. Vehicles prices $30K-$49K grew 31.3%, and over $50K grew 29.7%

  • Top 10 searched new vehicles in June: 1. Ford F-150 2. Chevrolet Silverado 1500 3. RAM 1500 4. GMC Sierra 1500 5. Ford Bronco 6. Chevrolet Traverse 7. Ford Mustang 8. Toyota Tacoma 9. Jeep Wrangler 10. Chevrolet Corvette

  • Used car prices per 1,000 odometer miles are down from $516 in 2023 to $486 in 2024.

  • Low priced inventory increased in used cars, with supply under $20K increasing 10% YoY. $20-$29K was -5.5%, and over $30K was down over an average of 20%.

Tesla is cautioning owners against using a method involving wet towels to boost Supercharger speeds, emphasizing safety concerns.

  • Tesla drivers have been placing wet towels on Supercharger connectors, claiming it increases charge rates. X user Out of Spec reported an increase from 58 kW to 119 kW using this trick.

  • Tesla’s Response: “Placing a wet cloth on Supercharger cable handles does not increase charging rates and interferes with temperature monitors creating risk of overheating or damage. Please refrain from doing this so our systems can run correctly, and true charging issues can be detected by our systems.”

A SimplyCodes survey found that retailers issued an average of nine unique promo codes in the first six months of the year, marking a 31% YoY increase, reflecting a growing trend among retailers and consumers alike.

  • The average discount rose to 17.6%, up from 17.17%, translating to average savings of $33.25 per promo code, up from $27.26.

  • 89% of households earning $175,000–$199,999 used promo codes, compared to 53% of households earning $10,000–$24,999.

  • 46% of 18–29-year-olds are motivated to shop by seeing a promo code, versus 36% of those aged 30–44 and 30% of those aged 45–60.

  • Retailers’ use of single-use codes increased by 47% compared to last year.

  • The most-used promo codes include OFF, SAVE, WELCOME, and FREE.

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