Automotive Market Insights

Report Summary April 2024

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 April 2024, the US automotive market demonstrated resilience and adaptability. New car inventory experienced a notable uptick, with a 4% increase. This surge underscores the market’s robustness and vitality, fueled by sustained demand and favorable market conditions. In contrast, the used inventory saw a marginal decline of 1.2%, reflecting minor fluctuations in consumer preferences and improvements in the new car supply chain.

Despite these shifts, the pricing landscape for used cars remained steady, with a modest 2% increase observed over the month. The average price settled at $23K, indicating stability and resilience in the face of market dynamics. New vehicle prices experienced a slight uptick of 3%, with the average price reaching $48K. This upward trend is indicative of the market’s strength and the heightened demand for new inventory.

Key Points
Market Inventory Stats
National Average Prices
Body Type Stats
Top Listed Vehicles vs Top Sold
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VinAudit Automotive Market Insights | April 2024

Key Points

The average listed price for new cars has increased by $2K compared to March, while vehicles spend an average of 63 days on the market, indicating a slightly slower turnover. New cars show a discernible 4% difference between initial and final prices. The used car market remains stable, with an average -10% difference between initial and final prices.

New Vehicles Inventory

3.5M

+4%

Avg. Price New

$48K

+3%

Avg. Days on Market New Vehicles

63

Avg. Days on Market Used Vehicles

43

-1

Used Vehicles Inventory

2.5M

+1%

Avg. Price Used

$23K

+2%

Listed vs Final Price New Vehicles %

-4%

Listed vs Final Price Used Vehicles %

-10%

VinAudit Automotive Market Insights | April 2024

Market Inventory Stats

The supply of new vehicles continues to increase

Throughout the month, there was a notable 4% increase in new car inventory, reflecting positive market dynamics and continuous growth in new car inventory supply. The used car inventory remains stable, with a slight -1.24% decrease during the month.

VinAudit Automotive Market Insights | April 2024

National Average Prices

Demand increased in April

During April 2024, prices experienced a slight increase for both new and used vehicles, by 2-3%. This indicates that market demand was better in April compared to March 2024.

VinAudit Automotive Market Insights | April 2024

Body Type Stats

SUVs and Trucks dominance in the market

In terms of inventory composition, SUVs dominate the market, accounting for 48.9% of all available vehicles, closely followed by pickup trucks at 20%. Month-to-month analysis reveals a decline in the availability of sedans, hatchbacks, and vans, signaling a shift in consumer preferences towards larger, more versatile vehicle options.

Within the used vehicles segment, SUVs continue to be popular, constituting 43% of the inventory. Sedans represent 21% of the market, while pickup trucks account for 18.2%, offering a diverse range of options to used car buyers.

In contrast, the trend in new vehicle offerings mirrors the demand seen in the used vehicle segment, with a strong emphasis on SUVs and pickup trucks. This alignment underscores the importance of adapting to evolving market demands for both automakers and dealerships.

VinAudit Automotive Market Insights | April 2024