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.