Takeaway: A record 1.2 million U.S. vehicle buyers chose to go electric in 2023, according to estimates from Kelley Blue Book. More specifically, 1,189,051 new electric vehicles (EVs) were put into service as the slow shift to an electrified future continued unabated. Last year, the EV share of the total U.S. new-vehicle market was 7.6%, … Continued
2023 ended with the new-vehicle average transaction price (ATP) at $48,974, down 5.4% year over year, according to Kelley Blue Book. The return of supply was a key contributor to 2023’s sales gains, but another key contributor was the return of incentives. As supply grew throughout 2023, so did the discounting, rising to nearly 6% … Continued
Takeaway: The new-vehicle market in 2023 improved versus 2022 and ended on a high note thanks in part to improving inventory levels. December surprised on the upside with over 1.4 million sales, the highest-volume month of the year and, in fact, the best month since the spring of 2021. New-vehicle sales in December 2023 were higher … Continued
Takeaway: New-vehicle affordability closed out the year in much better shape than it started, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. New-vehicle affordability in December was better than a year ago when prices were higher and interest rates were lower. Higher household wages helped offset stubbornly high estimated monthly payments for new-vehicle – … Continued
The video below is part of a biweekly Auto Market Report series focusing on data and insights that provide a holistic view of the auto industry. Chief Economist Jonathan Smoke leads our effort to translate data and trends into actionable insights. Download this week’s presentation
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 0.6% from February in the first 15 days of March. The midmonth Manheim Used Vehicle Value Index dropped to 202.6, which was down 14.9% from the full month of March 2023. The seasonal adjustment drove the decline. The non-adjusted price change in the … Continued
According to vAuto Live Market View data estimates, retail used-vehicle sales in February increased from January and were up by 13.5% month over month. A total of 1.49 million used vehicles were sold at retail – from both franchised and independent dealers – during February, up 10.7% year over year and the highest volume since March … Continued
Headline inflation accelerated further in February, according to the Consumer Price Index (CPI). The headline aggregate measure increased on a seasonally adjusted basis and marked two months in a row of acceleration, the highest monthly increase since August. However, on a year-to-year basis, core CPI declined to the lowest since April 2021. The overall CPI … Continued
Updated, April 19, 2024 – Used-vehicle inventory opened March at the lowest level since October 2023, according to the Cox Automotive analysis of vAuto Live Market View data. 2.27M Total UnsoldUsed Vehiclesas of March 4, 2024 46 Days’ Supply $25,121 Average Listing Price 70,053 Average Mileage The total supply of unsold used vehicles on dealer … Continued
Trends in new-vehicle affordability factors moved in a positive direction in February, leading to the best affordability in 31 months (since July 2021), according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. “New-vehicle affordability improved in the consumer’s favor again last month,” said Cox Automotive Chief Economist Jonathan Smoke. “Income growth continued and both the average … Continued