Automotive Market Insights

VinAudit 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 March 2024, market dynamics reflected a promising trajectory in new inventory supply, evidenced by a robust +6% increase in new car inventory. Conversely, the used inventory experienced a 7% decline during the same period. Notably, the pricing landscape for used cars has seen a gradual cooling trend, with the average overall price settling at $23K. Conversely, price points for new vehicles witnessed a modest uptick of 1.7%, driven by market strength and heightened demand for new inventory. Despite these positive metrics, a noticeable downturn in sales volume emerged towards the latter part of the month, warranting further scrutiny and strategic adaptation for industry players.

The average listed price for new cars is $46K, with an average listing duration of 58 days. There’s a discernible trend wherein the final price of new cars typically experiences a slight decrease of approximately 3% from the initial listing price.In contrast, the market for used cars indicates decreased demand, resulting in an average decrease of around 11% between the initial listing price and the final price. This highlights a notable depreciation trend observed as used cars transition through the market.

Throughout the month, there was a notable 6% increase in new car inventory, reflecting positive market dynamics and potentially heightened demand for new vehicles. In contrast, the used car inventory experienced an 7% decrease, indicative of shifting consumer preferences or market conditions favoring new car purchases.

National Average Prices

In March, pricing dynamics showed relative stability, with prices undergoing a minor decrease ranging from 0.5% to 0.9%. This indicates a subtle adjustment in pricing trends, likely influenced by factors such as market competition or shifts in consumer demand.

Body Type Stats

SUVs dominate the vehicle market, comprising 49%of new vehicle inventory and43%of used vehicle inventory. Pickup trucks follow closely at20%for new vehicles and18.2%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.

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.