Latest news with #CarGurus
Gizmodo
2 days ago
- Automotive
- Gizmodo
Cybertruck Leads Tesla's Used-Car Collapse
The Tesla Cybertruck was supposed to be the future. Unveiled in a now-infamous 2019 event where its supposedly 'bulletproof' windows shattered on stage, the sci-fi pickup, with its polarizing stainless-steel design, was hyped by CEO Elon Musk as an indestructible vehicle that would completely disrupt the lucrative truck market. Today, that future looks like a commercial flop. Prices for used Cybertrucks are in a freefall, a stunning collapse that has become the most visible symbol of the deep and growing crisis at Tesla. According to new data from the auto marketplace CarGurus, the average price of a used Cybertruck has plunged a staggering 30.35% in the last year, now hovering around $84,027. This dizzying drop for what was once one of the most anticipated vehicles in history is a major blow for Musk, confirming that the Cybertruck has failed to find a mainstream audience. The collapse in the used market mirrors its disastrous performance in the new market. In the second quarter of this year, Tesla sold only 4,306 Cybertrucks, a 50.8% decrease compared to the same period in 2024, according to data from Cox Automotive Kelley Blue Book. The Cybertruck's failure is the leading edge of a much larger problem for the company. The same CarGurus data reveals that used Tesla prices as a whole have now plummeted below the average for the entire U.S. used car market. As of early August, the average price for all used vehicles in the U.S. was $28,048. The average price of a used Tesla was just $27,852, down a steep 14% year-over-year. This is a shocking development for a brand that has always commanded a premium price, especially since the market average includes budget cars. It shows a fundamental imbalance: a growing number of owners are looking to offload their Teslas, but fewer buyers are willing to step in. The damage is brand-wide. The average used price of a Model S is down nearly 23% year-over-year. The Model X luxury SUV is down almost 16%. Even the Model Y, the world's best-selling electric vehicle, has seen its used price drop nearly 12%. So, what happened? The answer lies with the company's once-infallible CEO. Elon Musk's increasingly controversial political actions have alienated the core of Tesla's original customer base: environmentally conscious, liberal-leaning buyers. His high-profile role in the Trump administration's infamous Department of Government Efficiency (DOGE)—which slashed federal budgets and fired employees—along with his promotion of far-right and white supremacist ideas on his social network X, has fundamentally damaged the Tesla brand. The result has been global protests outside Tesla showrooms and a sharp drop in the company's sales and profits. In the second quarter, the carmaker's net revenue fell 16.3% from the same period last year. While Musk has recently stepped back from his official government role to focus on Tesla, the road to repairing the company's image looks incredibly long. The Cybertruck, once the ultimate symbol of Musk's futuristic vision, has now become the ultimate symbol of his brand's decline. The Cybertruck used-market crash is both a symptom and a signal. It highlights waning demand, production missteps, and reputational risk. For Tesla to rebound, it may need to reconsider pricing, marketing strategy, and public positioning. Until then, even Tesla's futuristic flagship can't override the declining brand vitality.
New York Post
3 days ago
- Automotive
- New York Post
Used Tesla prices average less than overall secondhand market for first time ever as sentiment toward car maker softens
The average price of a used Tesla has fallen below the average for the overall US used car market — a first for Elon Musk's electric vehicle maker. Data from CarGurus shows the average used Tesla sold for $27,814 in recent weeks, compared to $28,039 for the broader used car market. The shift comes even as overall used car prices have ticked higher, up 1.22% year over year. Tesla's average, by contrast, is down 4.59% over the same period. 4 For the first time ever, the average price of a used Tesla has fallen below the average for the overall US used car market. Getty Images The trend marks a reversal from last year, when Tesla's resale values fell in line with the broader market during a nationwide drop in used car prices. When prices for most used vehicles began recovering in March 2025, Tesla's kept sliding. 4 Data from CarGurus shows Tesla's used car prices have fallen below the overall US market average for the first time. Cargurus Breaking down the numbers, every Tesla model is selling for less than it did a year ago. The Cybertruck has seen the steepest annual decline, with prices down more than 30% to an average of $83,963, although it has posted small gains over the last few months. The Model S is down 22.61% to $26,534, while the Model X has fallen 16.8% to $37,747. Tesla's most affordable sedan, the Model 3, is off 8.04% year over year to $23,318, while its best-selling Model Y — which moves more units than any other Tesla — is down nearly 12% to $29,216. The continued drop in the value of Model Y vehicles is pulling the brand's overall average lower despite modest rebounds for some other models. 4 Tesla's sales have fallen in nearly every major market in 2025, with US deliveries down about 9% year-over-year. AP Industry watchers say the glut of Teslas in the used market is adding to the pressure. Many owners are trading in their cars for other brands, boosting supply and forcing sellers to cut prices to compete. The fall below the industry's average resale price is striking because it means Tesla's lineup — which has historically commanded higher-than-average values thanks to its technology, performance and brand image — is now cheaper on average than the mix of vehicles that includes lower-cost mass-market models. For a brand that has cultivated an image of innovation and exclusivity, the shift signals a notable change in perception. Musk and President Trump's relationship swung from open hostility in previous years to a high-profile political alliance in 2024, only to collapse in 2025 amid policy disputes, personal attacks, and threats to Musk's business interests. Both have since declared the relationship over, with the Tesla CEO expressing some regret for his harshest comments while pursuing his own political ambitions outside Trump's orbit. Market analysts and used car platforms are not pointing to a cause for Tesla's sinking used car price. 4 The continued stream of owners switching away from Tesla suggests that sentiment toward the brand has softened. Getty Images While the Cybertruck and Model 3 have shown small upticks recently, there's no clear sign of a full rebound. With Tesla's most popular model still sliding and more used inventory hitting the market, prices could remain under pressure in the months ahead. Tesla's sales have fallen in nearly every major market in 2025, with US deliveries down about 9% year-over-year in the first quarter and 11% lower through the first half of the year. Globally, the company delivered about 720,803 vehicles in the first half, a 14% drop from the same period in 2024, with steep declines in Europe and an 8% year-to-date drop in China. Analysts now expect Tesla to deliver between 1.35 million and 1.66 million vehicles worldwide in 2025, well below the 1.79 million it sold last year. The Post has sought comment from Tesla.
Daily Mail
04-08-2025
- Automotive
- Daily Mail
Report: Convertible cars sold in UK almost halved in last 25 years
The days of open-top driving seem to be behind us as the number of new convertible cars sold in the UK has almost halved in the last 25 years. Although Blighty isn't famed for its good weather, that hasn't stopped it being the European capital for convertible car sales over the years, with Britons buying more soft top models than motorists in much hotter continental countries. But those wind in your hair heydays are no more because there are now just 16 new convertible models to buy from the UK's top 30 car makers, CarGurus latest annual Convertibles Report reveals. This compares to 31 in 2000. For enthusiasts, this marks a sad 20-year low after convertible offerings peaked in 2005. In fact, as of 2025, nearly 70 per cent of the top 30 automotive brands on sale to UK drivers do not make a drop-top motor. While convertibles have often been called 'toys and not tools' due to the fun drive they offer but little in the way of practicality, it's a new trend over the last couple of decades that's the real reason these top-down cars are coming a cropper: the rise of the SUV. The height of convertible shopping was in 2005 when there were 23 models on the market. The extra blow to convertibles has been delivered in the last five years, with a decline of 45 per cent from the 29 options available in 2020 to the 16 options available today, the data shows. In the past 12 months alone, the body style has experienced an almost 28 per cent decline from a choice of 22 cars to today's 16. Audi is one of the car makers to cull its convertible model in this timeframe, axing both the TT and R8 Spyder. It now offers no convertibles as part of its range. Only 10 manufacturers still sell top-down options as part of their model ranges; German luxury drivers' brands BMW, Porsche and Mercedes, fun options from Ford, MG, Mazda, Mini and Fiat, and the ever dependable Jeep and Volkswagen. And just five car brands have consistently offered a soft top to customers over the last 25 years – BMW, Mazda, Mercedes, Porsche and Volkswagen. BMW's 'Z' range of cars, which dates back to the 1989 Z, and has consistently offered a convertible since the unveiling of the Z3 in 1995. While Porsche is synonymous with the convertible, its 911 Cabriolet and Boxster models have had an enduring presence in recent years. The Mazda MX-5 is the longest-standing affordable convertible still on sale in Britain, with the two-seat roadster on sale since 1990. And it seems few are considering convertibles for the future. Just two manufacturers out of the UK's top 30 (by sale volumes) have electric roof-down offerings - the MG Cyberster and the Fiat 500e. Chris Knapman, CarGurus UK editorial director, said: 'Thankfully, the new models that are still available in soft top form are of a very high calibre and cover a fairly broad range, from the electric Fiat 500e C city car through to more traditional sports cars such as the Porsche 911 Cabriolet. 'Plus, of course, the used car market remains a rich ground for soft top motoring, with our top picks such as the Mazda MX-5 starting from less than £5,000.' And yet there's no denying that the convertible market is drying up and there's one big place to lay the blame: at the wheels of SUVs. Why SUVs are killing off the convertible Knapman commented: 'Our latest annual Convertibles Report highlights more than just a drop in new car model selection. It reflects a wider shift in the automotive landscape towards SUVs. 'As evidence of this, note that while the number of new convertibles on sale has fallen by 45 per cent since 2020, the number of new SUVs and crossovers has grown by a staggering 543 per cent.' This is Money has well documented the rapid rise of the SUV – from the sports utility vehicle origins of the Jeep Cherokee in 1974 to the Sloaney Range Rovers of the '80s and '90s, and most recently the Nissan Qashqai inspired crossovers that are everywhere. Earlier this year, CarGurus found that more than half the new car options in showrooms are SUVs , with 193 different SUV and crossovers on sale across the 35 most popular car brands in the UK. SUVs have become a luxury symbol and the car body shape everyone wants over the last couple of decades: Sales exceeded one million in 2023, with registrations of the bulky vehicles increasing by around a fifth between 2022 and 2023 - to the point where one in three motors are now sports utility vehicles. Knapman said in May: 'Features like the high driving position, flexible interior space, big boot, and potential off-road capability make SUVs an appealing body style to consumers, so it's no surprise that manufacturers have been racing to meet this demand with an increasingly varied supply of new models. 'This increase in appetite for SUVs has meant there's been less demand for other types of cars, with the choice of MPVs in particular having dwindled on the new car market.' The other curse of the convertible? Panoramic roof Panoramic sunroofs have become a hot feature, especially in the EV market. They offer lighter interiors, an airy feeling of space, and a connection with the outdoors. They enhance the driving experience and have huge aesthetic appeal. And as a result the panoramic sunroof is becoming big business. According to a report by Custom Market Insights, the Global Automotive Panoramic Sunroof Market was valued at approximately $16.39billion in 2024 and is expected to reach $18.05bn in 2025. That's expected to surge to $48.78bn in the next decade - a compound annual growth rate of 11.7 per cent between 2025 and 2034. At the same time the number of cars with panoramic roofs has exploded in recent years - the Tesla Model S arriving in 2012 had a lot to do with this making the feature a must have in new electric cars - the number of convertibles has reduced. With electric cars especially, panoramic roofs make much more sense aerodynamically than convertibles. When a convertible has its roof down the airflow is disrupted over the car, creating more drag whereas a panoramic roof can maintain a smoother airflow even though it adds weight and affects aerodynamics when open. Top of the market models such as the Mercedes EQS and BMW iX to affordable models including the MG ZS EV, Kia Niro EV and budget Chinese LeapMotor T03 city car all have panoramic roofs. The Renault Scenic even has a 'solarbay' panoramic roof that darkens and lightens on voice controlled demand. With noise cancelling, sun dimming, thermal insulation just a few of panoramic roof features, traditional convertibles are starting to look less appealing.
Daily Mail
03-08-2025
- Automotive
- Daily Mail
Is it the end of the road for convertibles in Britain? Sales tumble as SUV popularity takes over the market
The days of open-top driving seem to be behind us as the number of new convertible cars sold in the UK has almost halved in the last 25 years. Although Blighty isn't famed for its good weather, that hasn't stopped it being the European capital for convertible car sales over the years, with Britons buying more soft top models than motorists in much hotter continental countries. But those wind in your hair heydays are no more because there are now just 16 new convertible models to buy from the UK's top 30 car makers, CarGurus latest annual Convertibles Report reveals. This compares to 31 in 2000. For enthusiasts, this marks a sad 20-year low after convertible offerings peaked in 2005. In fact, as of 2025, nearly 70 per cent of the top 30 automotive brands on sale to UK drivers do not make a drop-top motor. While convertibles have often been called 'toys and not tools' due to the fun drive they offer but little in the way of practicality, it's a new trend over the last couple of decades that's the real reason these top-down cars are coming a cropper: the rise of the SUV. The height of convertible shopping was in 2005 when there were 23 models on the market. The extra blow to convertibles has been delivered in the last five years, with a decline of 45 per cent from the 29 options available in 2020 to the 16 options available today, the data shows. In the past 12 months alone, the body style has experienced an almost 28 per cent decline from a choice of 22 cars to today's 16. Audi is one of the car makers to cull its convertible model in this timeframe, axing both the TT and R8 Spyder. It now offers no convertibles as part of its range. Only 10 manufacturers still sell top-down options as part of their model ranges; German luxury drivers' brands BMW, Porsche and Mercedes, fun options from Ford, MG, Mazda, Mini and Fiat, and the ever dependable Jeep and Volkswagen. And just five car brands have consistently offered a soft top to customers over the last 25 years – BMW, Mazda, Mercedes, Porsche and Volkswagen. BMW's 'Z' range of cars, which dates back to the 1989 Z, and has consistently offered a convertible since the unveiling of the Z3 in 1995. While Porsche is synonymous with the convertible, its 911 Cabriolet and Boxster models have had an enduring presence in recent years. The Mazda MX-5 is the longest-standing affordable convertible still on sale in Britain, with the two-seat roadster on sale since 1990. While many people in Britain dream of driving a £100k+ convertible on a summer's day, it's more likely they'll be dashing around in the drizzle in a Fiat 500e - but that doesn't stop British drivers having a love affair with convertibles And it seems few are considering convertibles for the future. Just two manufacturers out of the UK's top 30 (by sale volumes) have electric roof-down offerings - the MG Cyberster and the Fiat 500e. Chris Knapman, CarGurus UK editorial director, said: 'Thankfully, the new models that are still available in soft top form are of a very high calibre and cover a fairly broad range, from the electric Fiat 500e C city car through to more traditional sports cars such as the Porsche 911 Cabriolet. 'Plus, of course, the used car market remains a rich ground for soft top motoring, with our top picks such as the Mazda MX-5 starting from less than £5,000.' And yet there's no denying that the convertible market is drying up and there's one big place to lay the blame: at the wheels of SUVs. Why SUVs are killing off the convertible Knapman commented: 'Our latest annual Convertibles Report highlights more than just a drop in new car model selection. It reflects a wider shift in the automotive landscape towards SUVs. 'As evidence of this, note that while the number of new convertibles on sale has fallen by 45 per cent since 2020, the number of new SUVs and crossovers has grown by a staggering 543 per cent.' This is Money has well documented the rapid rise of the SUV – from the sports utility vehicle origins of the Jeep Cherokee in 1974 to the Sloaney Range Rovers of the '80s and '90s, and most recently the Nissan Qashqai inspired crossovers that are everywhere. Earlier this year, CarGurus found that more than half the new car options in showrooms are SUVs, with 193 different SUV and crossovers on sale across the 35 most popular car brands in the UK. SUVs have become a luxury symbol and the car body shape everyone wants over the last couple of decades: Sales exceeded one million in 2023, with registrations of the bulky vehicles increasing by around a fifth between 2022 and 2023 - to the point where one in three motors are now sports utility vehicles. Knapman said in May: 'Features like the high driving position, flexible interior space, big boot, and potential off-road capability make SUVs an appealing body style to consumers, so it's no surprise that manufacturers have been racing to meet this demand with an increasingly varied supply of new models. 'This increase in appetite for SUVs has meant there's been less demand for other types of cars, with the choice of MPVs in particular having dwindled on the new car market.' The other curse of the convertible? Panoramic roofs Panoramic sunroofs have become a hot feature, especially in the EV market. They offer lighter interiors, an airy feeling of space, and a connection with the outdoors. They enhance the driving experience and have huge aesthetic appeal. And as a result the panoramic sunroof is becoming big business. According to a report by Custom Market Insights, the Global Automotive Panoramic Sunroof Market was valued at approximately $16.39billion in 2024 and is expected to reach $18.05bn in 2025. That's expected to surge to $48.78bn in the next decade - a compound annual growth rate of 11.7 per cent between 2025 and 2034. At the same time the number of cars with panoramic roofs has exploded in recent years - the Tesla Model S arriving in 2012 had a lot to do with this making the feature a must have in new electric cars - the number of convertibles has reduced. With electric cars especially, panoramic roofs make much more sense aerodynamically than convertibles. When a convertible has its roof down the airflow is disrupted over the car, creating more drag whereas a panoramic roof can maintain a smoother airflow even though it adds weight and affects aerodynamics when open. Top of the market models such as the Mercedes EQS and BMW iX to affordable models including the MG ZS EV, Kia Niro EV and budget Chinese LeapMotor T03 city car all have panoramic roofs. The Renault Scenic even has a 'solarbay' panoramic roof that darkens and lightens on voice controlled demand. With noise cancelling, sun dimming, thermal insulation just a few of panoramic roof features, traditional convertibles are starting to look less appealing.
Cision Canada
21-07-2025
- Automotive
- Cision Canada
AutoCanada Selects CarGurus as Preferred Partner Powering its Digital Marketing and Business Intelligence Strategy
EDMONTON, AB, July 21, 2025 /CNW/ - AutoCanada Inc. (TSX: ACQ), a multi-location North American automobile dealership group, today announced that it has selected CarGurus (Nasdaq: CARG), the fastest-growing automotive shopping site in Canada 1, as its preferred partner in Canada. Through this long-term relationship, AutoCanada will have access to the power and reach of CarGurus' leading listings marketplace, advanced digital marketing and retail solutions, and market intelligence powered by proprietary data and predictive insights. "Consumer expectations continue to evolve and AutoCanada remains committed to delivering a best-in-class experience that supports shoppers at every stage of their journey," said Paul Antony, Executive Chairman of AutoCanada. "We believe partnering with CarGurus will enable AutoCanada to fuel our growth through enhanced marketing performance, deeper data-driven decision-making, and greater access to high-quality consumer connections." AutoCanada dealers will benefit from CarGurus' solutions that help maximize visibility, connect with ready-to-buy shoppers, and make more data-informed decisions on vehicle pricing, inventory management, and digital advertising. The group's 64 franchised dealerships and three used car dealerships in Canada will also have ongoing access to strategic consultation from CarGurus' in-person dealer engagement team, helping them navigate shifting market dynamics and consumer behavior. "By combining our performance-driven solutions and deep market intelligence with AutoCanada's extensive dealership network, we aim to help their stores connect with more car buyers with greater efficiency and leverage actionable insights," said Sam Zales, President & Chief Operating Officer at CarGurus. "We value the opportunity to deepen our relationship as AutoCanada's strategic partner." About AutoCanada AutoCanada's Canadian Operations segment operates 64 franchised dealerships in Canada, comprised of 23 brands, in eight provinces. AutoCanada currently sells Acura, Audi, BMW, Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ford, GMC, Honda, Hyundai, Infiniti, Jeep, Kia, Mazda, Mercedes-Benz, MINI, Nissan, Porsche, Ram, Subaru, and Volkswagen branded vehicles. In addition, AutoCanada's Canadian Operations segment currently operates three independent used dealerships and 12 stand-alone collision centres within our group of 29 collision centres. In 2024, our Canadian dealerships sold approximately 85,000 new and used retail vehicles. In addition, our collision centres offer an opportunity for the Company to retain customers at every touchpoint within the automotive ecosystem. AutoCanada's U.S. Operations segment, operating as Leader Automotive Group, operates 17 franchised dealerships comprised of 15 brands, in Illinois, USA. Leader currently sells Audi, Chevrolet, Chrysler, Dodge, Honda, Hyundai, Jeep, Kia, Lincoln, Mercedes-Benz, Porsche, Ram, Subaru, Toyota, and Volkswagen branded vehicles. In 2024, our U.S. dealerships sold approximately 12,900 new and used retail vehicles.
