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Automotive Industry:United States: Difference between revisions
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== Prices == | == Prices == | ||
Historical: [[US Auto Prices: 2023]] | '''Historical''': [[US Auto Prices: 2023]] | ||
By applying statistical analysis to its database of more than 5 million used vehicle transactions annually, Manheim has developed a measurement of used vehicle prices that is independent of underlying shifts in the characteristics of vehicles being sold. | By applying statistical analysis to its database of more than 5 million used vehicle transactions annually, Manheim has developed a measurement of used vehicle prices that is independent of underlying shifts in the characteristics of vehicles being sold. | ||
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!Index % MoM | !Index % MoM | ||
!Index % YoY | !Index % YoY | ||
|- | |||
|Mar-24 | |||
|203.1 | |||
|18,573 | |||
| -0.4% | |||
| -14.7% | |||
|- | |- | ||
|Feb-24 | |Feb-24 | ||
| Line 683: | Line 689: | ||
|3.3% | |3.3% | ||
|} | |} | ||
=== '''March 2024''' === | |||
==== Used ==== | |||
* The Manheim Used Vehicle Value Index (MUVVI) fell to 203.1, a decline of 14.7% from a year ago. The decline in the index was driven by the seasonal adjustment, resulting in a 0.4% month-over-month decrease.<ref>https://www.coxautoinc.com/market-insights/march-2024-muvvi/</ref> | |||
* Over the month of March, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 99.5%, meaning market prices were below MMR values and falling against February levels, which were 99.9%. | |||
* The average daily sales conversion rate increased to 62.5%, showing that demand improved relative to February, which is seasonally normal for this time of year. For comparison, the daily sales conversion rate averaged 62.0% in March during the last three years. | |||
==== New ==== | |||
* The average transaction price of a new vehicle in March declined 0.9% from February to an initial estimate of $47,255, the lowest average price since April 2022, according to Kelley Blue Book. <ref>https://www.coxautoinc.com/market-insights/auto-market-weekly-summary-04-08-24/</ref> | |||
* The average price relative to the average manufacturer’s suggested retail price (MSRP) moved down to 97.6%, the lowest level since April 2021. The average price was down 2.6% year over year. The average MSRP declined 0.8% in March and was down 0.6% year over year. | |||
* The average incentive spend from manufacturers increased 11% to $3,120, which was up 102% year over year. Incentives as a percentage of average transaction price increased to 5.9%, the highest level since July 2021. | |||
=== February 2024 === | === February 2024 === | ||