Automotive Market Insights

Report Summary March 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 March 2024, market dynamics reflected a promising trajectory in new inventory supply, evidenced by a robust +6% increase in new car inventory. Conversely, the used inventory experienced a 7% decline during the same period.

Notably, the pricing landscape for used cars has seen a gradual cooling trend, with the average overall price settling at $23K. Conversely, price points for new vehicles witnessed a modest uptick of 1.7%, driven by market strength and heightened demand for new inventory.

Despite these positive metrics, a noticeable downturn in sales volume emerged towards the latter part of the month, warranting further scrutiny and strategic adaptation for industry players.

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 | March 2024

Key Points

The average listed price for new cars is $46K, with an average listing duration of 58 days. There’s a discernible trend wherein the final price of new cars typically experiences a slight decrease of approximately 3% from the initial listing price.

In contrast, the market for used cars indicates decreased demand, resulting in an average decrease of around 11% between the initial listing price and the final price. This highlights a notable depreciation trend observed as used cars transition through the market

New Vehicles Inventory

3.5M

+6%

Avg. Price New

$46K

-0.99%

Avg. Days on Market New Vehicles

58

Avg. Days on Market Used Vehicles

44

Used Vehicles Inventory

2.5M

-7%

Avg. Price Used

$22K

-0.99%

Listed vs Final Price New Vehicles %

-3%

Listed vs Final Price Used Vehicles %

-11%

VinAudit Automotive Market Insights | March 2024

Market Inventory Stats

New vehicle inventory noticeably increased

Throughout the month, there was a notable 6% increase in new car inventory, reflecting positive market dynamics and potentially heightened demand for new vehicles.
In contrast, the used car inventory experienced an 7% decrease, indicative of shifting consumer preferences or market conditions favoring new car purchases.

VinAudit Automotive Market Insights | March 2024

National Average Prices

Good demand, stable prices

In March, pricing dynamics showed relative stability, with prices undergoing a minor decrease ranging from 0.5% to 0.9%. This indicates a subtle adjustment in pricing trends, likely influenced by factors such as market competition or shifts in consumer demand.

VinAudit Automotive Market Insights | March 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.