Automotive Market Insights

Report Summary September 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.

In September 2024 used-vehicle prices are starting to decline, with retail prices for 2021 models down 0.3% and wholesale prices falling 0.7%. Leads for used vehicles dropped year-over-year in September, but unique credit applications per dealer rose 3%, indicating steady purchase interest despite lower browsing. Overall, the market shows softening prices and mixed performance across key metrics.

Key Points
Market Inventory Stats
National Average Prices
Body Type Stats
Top Listed Vehicles vs Top Sold
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2025 Toyota Camry H – Top Selling Vehicle of September 2024

Key Points

Compared to August, new vehicle inventory in September saw a 3% increase as automakers ramp up production for the 2025 models. Despite the slight rise in inventory, new car prices increased by 2%, while used car prices continued to decline, reflecting shifting consumer demand amid the growing supply of new vehicles.

New Vehicles Inventory

3.3M

+3%

Avg. Price New

$50.6K

+2%

Avg. Days on Market New Vehicles

65

-4

Avg. Days on Market Used Vehicles

52

-2

Used Vehicles Inventory

2.5M

+0.2%

Avg. Price Used

$27.2K

-1%

Listed vs Final Price New Vehicles %

-8.3%

Listed vs Final Price Used Vehicles %

-8.7%

VinAudit Automotive Market Insights | September 2024

Market Inventory Stats

In September 2024, the automotive market saw a 3% increase in new car inventory and a slight rise in used car inventory. This growth in supply, along with stable pricing, suggests a balanced market where inventory levels are keeping up with demand, supporting steady sales and consumer interest.

VinAudit Automotive Market Insights | September 2024

National Average Prices

Despite the increase in inventory levels, vehicle prices in September 2024 showed notable shifts, with new vehicles experiencing a 2% rise while used vehicles saw a 1% decline. This price movement highlights a divergence between new and used markets, with steady consumer demand driving up new car prices even as used car prices continue to drop. The balance between rising new car prices and declining used car prices, amid growing inventory, suggests a dynamic market where supply is meeting demand in different ways, providing a positive outlook for dealers and manufacturers alike.

VinAudit Automotive Market Insights | September 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 | September 2024