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.
In April 2024, the US automotive market demonstrated resilience and adaptability. New car inventory experienced a notable uptick, with a 4% increase. This surge underscores the market’s robustness and vitality, fueled by sustained demand and favorable market conditions. In contrast, the used inventory saw a marginal decline of 1.2%, reflecting minor fluctuations in consumer preferences and improvements in the new car supply chain.
Despite these shifts, the pricing landscape for used cars remained steady, with a modest 2% increase observed over the month. The average price settled at $23K, indicating stability and resilience in the face of market dynamics. New vehicle prices experienced a slight uptick of 3%, with the average price reaching $48K. This upward trend is indicative of the market’s strength and the heightened demand for new inventory.