June 2024 New Car Insights

  • The average transaction price (ATP) of a new vehicle in the U.S. in May was $48,389.
  • Older inventory has finally started to move, making way for 2025 model year units, which have begun to arrive in force, more than doubling from the end of April.
  • The average listing price for a new vehicle is stable, though affordability remains an issue for most customers.

3-Month Sales Trend*

MonthAvg. Daily Retail Sales
March53,700
April52,400
May53,800

Average Transaction Price*

MonthAmount
March$47,218
April$47,510
May$48,389

Days’ Supply*

Month# of Days
March72
April74
May74

Daily Holding
Cost Per New Car*

MonthAmount
March$7.71
April$7.74
May$7.71

Dealer Profit
Per New Car**

MonthAmount
March$2,487
April$2,588
May$2,471

OEM Days’ Supply*

Rebates & Incentives

  • Latest News
    • Average Blended Incentive is $4,123.
    • Current New Vehicle Inventory is up 51% Year Over Year.
    • Interest Rates may have peaked and appear to be trending down.
    • Declining used vehicle prices and rising new vehicle incentives are creating value opportunities for customers.
  • Full-Size Pick-up Segment
    • Sales were proportionate to March and remained mostly consistent over a 6-moth average while active supply continued to increase slightly for April.
  • Mid-Size SUV Segment
    • Sales in the Mid-Size SUV had a slight increase but remained mostly consistent for the month of May.
    • Inventory levels continue to increase for most OEMs.
  • EV Segment
    • Inventory levels continue to increase offering ample selection
“The improvement in affordability was a result of improving incentives, lower interest rates and ongoing income growth.

Jonathan Smoke, Cox Automotive Chief Economist

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Sources:

* Cox Automotive Insights
** J.D. Power