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Automotive Market Insights

Automotive Market, encompassing trends in car inventory, price changes, and monthly overviews of popular new and used cars. Stay well-informed to make strategic decisions in the constantly evolving automotive landscape.

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ARCHIVE 2024


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Report Summary October 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.

The automotive market is adjusting as new car prices dropped 1.5% year-over-year in October, largely due to inventory surpluses for brands like Jeep, Ram, and Dodge, with vehicles lingering on lots for 130+ days on average, far above the 72-day market average. Jeep, Ram, and Dodge saw listing prices fall by 5%, 7%, and 3%, respectively, signaling challenges for these brands. Meanwhile, sedans like the Toyota Camry and Honda Civic continue to perform well. Depreciation increased throughout October, with subcompact crossovers and full-size vans seeing the steepest declines, highlighting shifting market trends.

Table of Contents


2024 Toyota Tacoma – Top Selling Vehicle of October 2024

Key Points




In October, new vehicle inventory slightly declined to 3.1 million units, representing a 1% decrease from the previous month, while used vehicle inventory saw a 2% drop, now totaling 2.1 million units. Despite these inventory reductions, prices have continued to climb. The average listing price for new cars reached $47K, marking a 2% increase from September. Used vehicles experienced a 1% price increase, with the average listing price rising to $25K. These shifts indicate that affordability remains a significant challenge for consumers, particularly as supply becomes more constrained in the lower price segments.


New Vehicles Inventory

3.1M

-1%

Avg. Price New

$47.5K

+2%

Avg. Days on Market New Vehicles

65

-4

Avg. Days on Market Used Vehicles

52

-2


Used Vehicles Inventory

2.1M

-2%

Avg. Price Used

$25.1K

+1%

Listed vs Final Price New Vehicles %

-8.3%

-8.3%

Listed vs Final Price Used Vehicles %

-8.7%

-8.7%

VinAudit Automotive Market Insights | October 2024


Market Inventory Stats

In October 2024, the automotive market experienced a 1% decline in new car inventory and a 2% decline in used car inventory comparing to September. This reduction in supply, coupled with stable pricing, reflects a tightening market environment that may impact sales dynamics and consumer choices moving forward.

VinAudit Automotive Market Insights | October 2024

National Average Prices

Despite declining inventory levels, vehicle prices have held relatively steady, with new vehicle prices rising slightly by 2% and used vehicle prices up by 1%. The sedan market remains steady since early 2024, though average prices are down 5% year-over-year, now at $28K, providing more affordable options for budget-conscious buyers.

VinAudit Automotive Market Insights | October 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 | October 2024


Top Vehicles by Inventory


#1 2024 Ford F-150


#2 2024 Toyota Tacoma


#3 2025 Chevrolet Equinox


#4 2025 Honda CRV H


#5 2025 Toyota Camry H


#6 2025 Ram 1500


#7 2024 Ford Bronco Sport


#8 2024 Nissan Rogue


#9 2024 Ford F-250


#10 2025 Nissan Sentra SV

 

Top Sold Vehicles


#1 2024 Toyota Tacoma


#2 2025 Toyota Camry H


#3 2025 Honda CR-V H


#4 2025 Ram 1500


#5 2024 Ford F-150


#6 2025 Chevrolet Equinox


#7 2024 Ford F-250 Super Duty


#8 2024 Ford Bronco Sport


#9 2024 Nissan Rogue


#10 2025 Nissan Sentra SV

 

VinAudit Automotive Market Insights | October 2024

Automotive Insights

Automotive Market Insights

Automotive Market Insights, encompassing trends in car inventory, price changes, and monthly overviews of popular new and used cars, sales statistics.

Automotive market insights reports are created using Automotive Market Data Feeds Product. Stay well-informed to make strategic decisions in the constantly evolving automotive landscape.

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