February opened with 80 days of new-vehicle supply across the industry, the highest since June 2020, according to Cox Automotive’s analysis of Auto Available Inventory data.
As dealers ramp up incentives to entice buyers, the national inventory levels have also seen a significant uptick in February, reaching an 80-day supply on average across the industry—a figure not seen since June 2020.
The average new-vehicle listing price opened February at $47,142, down 1% from a year ago. The average listing price rose throughout December 2023 and started January high, but prices began declining in the second week of January and have been dropping by almost 1% a week.The U.S.new-vehicle average transaction price in January was $47,401, down nearly 4% from a year ago and down almost 3% from December 2023, according to Kelley Blue Book. (The month of December, when luxury vehicle sales typically surge, often sees a jump in average transaction prices.) Discounts and incentives in January averaged 5.7% of ATP, up from 5.5% in December and nearly 100% higher than a year ago.
Domestic manufacturers like Dodge, Chrysler, Lincoln, and Ram are leading the pack with the largest inventory levels, while Asian imports like as Toyota, Honda, Lexus, and Mazda are at the lower end of the range. The new Toyota Grand Highlander and the Ford Maverick are among the vehicles with the lowest inventory.
In contrast, pickup trucks and SUVs, notably the Ram 1500 and Ford Bronco Sport, are seeing high inventory levels. This availability has contributed to a drop in the average new-vehicle listing price.
New vehicle affordability is up in January with tighter credit. Market displays indications of normality, prices decrease, nice offers for customers as inflation eases.
The automobile industry is experiencing a revolution, with more inventory leading to more competitive pricing and a shift in manufacturing tactics. As the industry responds to these developments, customers stand to gain from a market that is progressively aligning with their interests.
Related posts:
New-Vehicle Inventory Hits 80 Days of Supply – Cox Automotive Inc. (coxautoinc.com)
New Vehicle Supply Spikes, Affordability Surges
Vehicle Prices Begin Downward Trend in the U.S., Despite Inflationary Pressure (carfinderzone.com)
