Automotive Market Insights

Report Summary May 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 May 2024, there was an 8% increase in new car inventory. Used vehicle inventory levels at the start of May were higher than in April, with a 3.4% rise in used car inventory—the first increase this year, according to VinAudit’s analysis of Market Data Feeds. Despite this, the average price for used cars remained stable at $23,000. In contrast, new car prices continued to rise, growing by 3% to reach an average of $49,000. These trends highlight the evolving dynamics and consumer behaviors shaping the automotive market.

Key Points
Market Inventory Stats
National Average Prices
Body Type Stats
Top Listed Vehicles vs Top Sold
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2024 Chevrolet Silverado 1500 – Top Selling Vehicle of May 2024

Key Points

Compared to April, the average listed price for new cars has surged by $2,000, with vehicles now spending an average of 65 days on the market, suggesting a slower turnover than in April. New cars exhibit a noticeable 3.5% variance between initial and final prices. Conversely, the used car market exhibits stability, with an average difference of -10.3% between initial and final prices, and a slight increase in turnover days compared to April 2024.

New Vehicles Inventory

3,1M

+8%

Avg. Price New

$49K

+3%

Avg. Days on Market New Vehicles

65

Avg. Days on Market Used Vehicles

45

Used Vehicles Inventory

2,6M

+3%

Avg. Price Used

$22K

+2%

Listed vs Final Price New Vehicles %

-3,5%

Listed vs Final Price Used Vehicles %

-10.3%

VinAudit Automotive Market Insights | May 2024

Market Inventory Stats

New vehicle inventory noticeably increased

Throughout the month, there was a notable 8% increase in new car inventory, reflecting positive market dynamics and potentially heightened demand for new vehicles.
The used car inventory experienced a 3% increase. In all, the tax refund season – the usual “spring bounce” in the used-vehicle market was unremarkable in 2024, resulting in a muted impact.

VinAudit Automotive Market Insights | May 2024

National Average Prices

Good demand, stable prices

During May 2024, prices experienced a slight increase for new and used vehicles, approximately 2-3%. This indicates that market demand has been showing a continuous upward trend for the past few months.

VinAudit Automotive Market Insights | May 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.