Automotive Market Insights

Report Summary July 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 July, the car market showed overall stability despite some shifts in inventory and pricing. New car inventories decreased by 0.5%, while used vehicle inventories fell by 1.5%. Prices for used cars remained stable at $24K, with a slight 1.5% increase during the month, indicating steady demand. Meanwhile, new car prices saw a minor 1% drop, averaging $48K. These trends suggest a balanced market environment for both new and used vehicles in July 2024

Key Points
Market Inventory Stats
National Average Prices
Body Type Stats
Top Listed Vehicles vs Top Sold
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2024 Ford F-150 – Top Selling Vehicle of July 2024

Key Points

Compared to June, the average listed price for new cars remained at $48K, with vehicles now spending an average of 68 days on the market, suggesting no significant changes in the new vehicle market. New cars exhibit a noticeable 8.3% decrease between initial and final prices. The used car market also shows stability, with an average decrease of 8.7% between initial and final prices, and a slight increase of 3 days in turnover compared to June 2024.

New Vehicles Inventory

3.1M

-0.5%

Avg. Price New

$48.6K

-1%

Avg. Days on Market New Vehicles

68

Avg. Days on Market Used Vehicles

54

Used Vehicles Inventory

2.6M

-1.5%

Avg. Price Used

$24K

+1.5%

Listed vs Final Price New Vehicles %

-8.3%

Listed vs Final Price Used Vehicles %

-10.3%

-8.7%

VinAudit Automotive Market Insights | July 2024

Market Inventory Stats

New and used inventory remains unchanged

Throughout the month, the automotive market maintained stable dynamics, evidenced by a slight 0.5% decrease in new car inventory. This minor shift suggests a balanced supply and demand environment. The used car inventory also experienced a 1.5% decline, reinforcing the overall stability in the market. As Summer 2024 unfolds, these trends highlight consistent market dynamics across both new and used vehicle segments.

VinAudit Automotive Market Insights | July 2024

National Average Prices

Good demand, stable prices

In July 2024, the automotive market experienced slight price adjustments, with new car prices decreasing by 1% and used car prices increasing by 1.5%. These movements reflect subtle shifts in market conditions, with new vehicles seeing minor pricing pressure while demand for used cars exerts upward pressure on prices.

VinAudit Automotive Market Insights | July 2024

Body Type Stats

SUVs and Trucks dominance in the market

SUVs dominate the vehicle market, comprising 49% of new vehicle inventory and 43% of used vehicle inventory. Pickup trucks follow closely at 20% for new vehicles and 18.2% for used. This reflects a consumer shift towards larger, more versatile options. Sedans, Hatchbacks, and Vans show a decline in availability month-to-month, highlighting changing preferences. The alignment between consumer demand and manufacturing trends emphasizes the need for adaptation in the automotive industry.

VinAudit Automotive Market Insights | July 2024