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The Automotive Market Insights provides comprehensive monthly analyses of the US automotive market, leveraging extensive data on vehicle pricing derived from hundreds of thousands of new and used vehicle listings. Our insights are based on Automotive Market Data and help illuminate pricing shifts and emerging trends, empowering stakeholders with actionable market intelligence.
In May 2024, there was an 8% increase in new car inventory. Used vehicle inventory levels at the start of May were higher than in April, with a 3.4% rise in used car inventory—the first increase this year, according to VinAudit’s analysis of Market Data Feeds. Despite this, the average price for used cars remained stable at $23,000. In contrast, new car prices continued to rise, growing by 3% to reach an average of $49,000. These trends highlight the evolving dynamics and consumer behaviors shaping the automotive market.
In May 2024, there was an 8% increase in new car inventory. Used vehicle inventory levels at the start of May were higher than in April, with a 3.4% rise in used car inventory—the first increase this year, according to VinAudit’s analysis of Market Data Feeds. Despite this, the average price for used cars remained stable at $23,000. In contrast, new car prices continued to rise, growing by 3% to reach an average of $49,000. These trends highlight the evolving dynamics and consumer behaviors shaping the automotive market.
2024 Chevrolet Silverado 1500 – Top Selling Vehicle of May 2024
