November 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 U.S. auto market is experiencing significant shifts as new vehicle inventory surpassed 3.1M units in early November 2024, marking the highest levels since the pandemic and an increase of 677K units year-over-year. This surge in inventory positions auto retailers to close the year on a high note, potentially buoyed by larger incentives to drive sales.

In the used car market, the average price currently stands at $25.5K, with prices displaying volatility throughout the year but trending downward overall. The uptick in year-end new car sales may further ease demand for used vehicles, potentially exerting additional downward pressure on prices as December progresses.

Key Points

New car prices hold steady, despite a slight rise in inventory, while used car prices declined by 1.6%, reflecting shifting consumer demand amid the growing supply of new vehicles.

Used vehicle inventory levels have also risen, with approximately 2.17 million units available on dealer lots at the start of November.
The days’ supply for used vehicles stood at 45 days, down three days from the beginning of October, indicating tighter inventory despite the monthly rise in vehicles listed.

New Vehicles Inventory

3.1M

+1%

Avg. Price New

$48.5K

+2%

Avg. Days on Market New Vehicles

62

-3

Avg. Days on Market Used Vehicles

50

-2

Used Vehicles Inventory

2.17M

+0.7%

Avg. Price Used

$24.7K

-1.6%

Listed vs Final Price New Vehicles %

-8.3%

Listed vs Final Price Used Vehicles %

-8.7%

VinAudit Automotive Market Insights | November 2024

Market Inventory Stats

Overall Increase: New vehicle inventory rose to approximately 3.1 million units, marking a significant increase from previous months. Used car inventory increased as vehicles remained on dealership lots longer, reaching the highest turnover time in five years. These trends reflect a dynamic automotive market in November 2024, with varying impacts across different vehicle segments and consumer demographics.

VinAudit Automotive Market Insights | November 2024

National Average Prices

Despite a slight rise in inventory, new car prices increased by 2%, while used car prices declined by 1.6%, reflecting shifting consumer demand amid the growing supply of new vehicles. Used vehicle inventory levels have also risen, with approximately 2.17 million units available on dealer lots at the start of November. While used car prices have shown volatility throughout the year, the overall trend has been downward.

As the year-end approaches, strong new car sales may ease demand for used vehicles, potentially driving prices lower in December. This week, used car prices declined by 0.46%, continuing a similar trend observed last week. Encouragingly, recent price movements align closely with pre-pandemic seasonal patterns.

The latest price drops are widespread, impacting vehicle categories from full-size cars to compact models. The only exception was premium sports cars, which experienced a slight price increase.

Used truck prices are also falling in December 2024. Over the past week, used truck and SUV prices dropped by 0.48%. All segments within these categories saw price declines, with midsize crossovers and minivans experiencing the largest decreases.

VinAudit Automotive Market Insights | November 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 | November 2024

Table of Contents

Key Points

3.1M

$48.5K

62

50

2.17M

$24.7K

-8.3%

-8.7%

Market Inventory Stats

National Average Prices

Body Type Stats

SUVs and Trucks dominance in the market

Top Vehicles by Inventory

#1 2024 Ford F-150 XLT

#2 2024 Toyota Tacoma

#3 2024 Ford Bronco Sport

#4 2024 Ford F-250

#5 2025 Chevrolet Silverado 1500

#6 2025 Toyota Camry

#7 2025 Chevrolet Equinox

#8 2024 Chevrolet Silverado 1500

#9 2025 2025 Toyota Camry Hybrid

#10 2025 Hyundai Tucson

Top Sold Vehicles

#1 2025 Toyota Camry

#2 2024 Ford F-150

#3 2024 Toyota Tacoma

#4 2025 Toyota Camry H

#5 2024 Toyota RAV4

#6 2024 Chevrolet Silverado 1500

#7 2025 Honda CR-V H

#8 2024 Honda Civic Sport

#9 2024 Jeep Grand Cherokee

#10 2025 Toyota Corolla

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