Automotive Market Insights

Report Summary August 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 August, the U.S. auto market exhibited stability, supported by a seasonal uptick and strong sales momentum around the Labor Day period. As 2025 model year vehicles begin to arrive at dealerships, several automakers have reported that more than 40% of their current inventory consists of MY25 vehicles. To accommodate these new arrivals, manufacturers are actively clearing out older models, offering attractive financing options on select 2024 models. These enhanced incentives, combined with a robust inventory, are expected to sustain higher sales volumes for the month. Retail sales figures reflect this trend, with new vehicle sales rising by 8% and used car sales growing by 4%, indicating a positive trajectory in consumer demand.

Key Points
Market Inventory Stats
National Average Prices
Body Type Stats
Top Listed Vehicles vs Top Sold
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2024 Toyota RAV4 – Top Selling Vehicle of August 2024

Key Points

Compared to July, new vehicle inventory in August saw a 4% increase, indicating a healthy supply as automakers gear up for the 2025 model year. Despite the rise in inventory, prices remained relatively stable, with a modest 0.3% increase for new vehicles and a 0.6% uptick for used vehicles. Notably, this marks the first weekly price increase observed in 2024, reflecting steady consumer demand amid ample supply.

New Vehicles Inventory

3.2M

+4%

Avg. Price New

$50.5K

+0.3%

Avg. Days on Market New Vehicles

65

-4

Avg. Days on Market Used Vehicles

52

-2

Used Vehicles Inventory

2.5M

+0.6%

Avg. Price Used

$27K

+0.6%

Listed vs Final Price New Vehicles %

-8.3%

Listed vs Final Price Used Vehicles %

-8.7%

VinAudit Automotive Market Insights | August 2024

Market Inventory Stats

In August 2024, the automotive market experienced a 4% increase in new car inventory and a 0.2% rise in used car inventory. This growing inventory, combined with stable pricing, indicates a balanced market environment where supply is keeping pace with demand, potentially fostering continued growth in sales and consumer interest.

VinAudit Automotive Market Insights | August 2024

National Average Prices

Despite the increase in inventory levels, vehicle prices have remained relatively stable, with new vehicles seeing a slight 0.3% increase and used vehicles experiencing a 0.6% rise. This modest price growth is particularly noteworthy as it represents the first weekly price increase recorded in 2024. The stability in pricing amid higher inventory suggests that consumer demand remains steady, balancing the ample supply available in the market. This equilibrium between supply and demand is a positive indicator for both dealers and manufacturers, signaling a healthy market environment.

VinAudit Automotive Market Insights | August 2024

Body Type Stats

SUVs and Trucks dominance in the market

SUVs continue to dominate the U.S. automotive market, accounting for 49% of all available inventory, with pickup trucks following at 20%. This composition reflects a strong consumer preference for larger, more versatile vehicles. A month-over-month analysis reveals a decline in the availability of sedans, hatchbacks, and vans, indicating a notable shift in market demand away from smaller vehicles. In the used vehicle market, SUVs also remain highly favored, making up 43% of the inventory, while sedans and pickup trucks account for 21% and 18.2%, respectively. This variety provides used car buyers with a broad selection, although it clearly mirrors the preference for SUVs and pickup trucks seen in new vehicle sales.

VinAudit Automotive Market Insights | August 2024