Automotive Market Insights

Report Summary June 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 June 2024, the automotive market remained relatively stable with minimal changes in inventory and pricing. New car inventory experienced a modest 1% increase, while used vehicle inventory saw a slight decrease of 2%. The average price for used cars rose by 2% compared to May 2024, whereas new car prices remained steady at $48,338. Additionally, the average days on market increased by 6 days for used cars and by 3 days for new cars, indicating a broader market slowdown.

Key Points
Market Inventory Stats
National Average Prices
Body Type Stats
Top Listed Vehicles vs Top Sold
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2024 Jeep Wrangler – Top Vehicle of June 2024

Key Points

In comparison to May, the average listed price for new cars remains steady at $48,245. However, vehicles are now spending an average of 68 days on the market, indicating a slower turnover than observed in May. Additionally, new cars are showing a 7% variance between their initial and final prices, which is double the variance recorded in May. On the other hand, the used car market has demonstrated stability, with an average price difference of -11% between initial and final prices. Notably, the turnover time for used cars has increased, with vehicles now spending 6 more days on the market compared to May 2024.

New Vehicles Inventory

3,1M

+1%

Avg. Price New

$48K

-1%

Avg. Days on Market New Vehicles

68

Avg. Days on Market Used Vehicles

51

Used Vehicles Inventory

2,6M

-2%

Avg. Price Used

$24K

+1%

Listed vs Final Price New Vehicles %

-6,8%

Listed vs Final Price Used Vehicles %

-11.41%

VinAudit Automotive Market Insights | June 2024

Market Inventory Stats

Cooling trend in market activity

In June 2024, the automotive market displayed relative stability, marked by a modest 1% increase in new car inventory and a 2% decrease in used car inventory. These changes suggest a cooling trend in market activity for the month.

VinAudit Automotive Market Insights | June 2024

National Average Prices

Stability in new car prices while average prices for used cars trended downward

In June 2024, the automotive market saw average prices for used vehicles decrease by 2%, while prices for new vehicles remained stable.

VinAudit Automotive Market Insights | June 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 | June 2024