February 2024 New Car Insights

  • Average listing price was $47,401.
    • Down nearly 4% from a year ago and down almost 3% from December 2023.
  • Day’s supply at the start of January hit 80, up 38% from the same time a year ago.
    • The last time days’ supply crossed the 80-days mark was June 1, 2020, when it was 83 days’ supply.
  • New-vehicle sales incentives increased in January 2024 for the third straight month as the sales pace slowed.

3-Month Sales Trend*

MonthAvg. Daily Retail Sales

Average Transaction Price*


Days’ Supply*

Month# of Days

Daily Holding
Cost Per New Car*


Dealer Profit
Per New Car**


OEM Days’ Supply*

Rebates & Incentives

  • Latest News
    • Average Blended Incentive is $2,703
    • As supply inventories continue to rise, Lenders and OEMs are beginning to increase incentive mid-month changes to gain market share for the first time since we started experiencing chip shortages
    • The new federal tax rebate is allowing customers transfer a tax credit up to $7,500 to the dealer and apply the amount towards the final purchase cost of select vehicles that meet program requirements
  • Full-Size Pick-up Segment
    • After a strong December and close to 2023, sales dipped for January with the Ram 1500 at a 6-month low despite the high incentive offer of an average over $7,000
  • Compact Sedan Segment
    • Most consistent segment in the month of January, all other segments saw slower sales for the month of January
  • Mid-Size SUV Segment
    • Jeep Wrangler and Jeep Cherokee both were stand outs in the crowd with slightly higher sales as compared to December
  • Mid-Size Sedan Segment
    • Hyundai Sonata had two-fold increase of Active supply available on dealer showroom floors when compared to the previous 6 months
    • Toyota Corolla Active Supply has outnumbered sold units, marking the first time in over 6 months that active supply has out passed sold units
  • Electric Vehicle Segment
    • Chevy Bolt had a strong start to the 2024 year with the highest 6-month average of sold units
    • Tesla issued a recall of more than 2.2 million vehicles dating back to 2019 due to dashboard warning light “font” size
“It is common to see lower transaction prices and sales in January, as December typically is a hot month for luxury vehicle sales. However, the year-over-year new-vehicle ATP [average transaction price] decline of 3.5% is notable. Prices have been trending downward for roughly six months now as automakers are sweetening deals to keep the sales flowing.”

Erin Keating, Cox Automotive Executive Analyst

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* Cox Automotive Insights
** J.D. Power