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Automotive Industry:United States: Difference between revisions
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!Index % MoM | !Index % MoM | ||
!Index % YoY | !Index % YoY | ||
|- | |||
|Apr-24 | |||
|198.4 | |||
|18,151 | |||
| -2.3% | |||
| -14.0% | |||
|- | |- | ||
|Mar-24 | |Mar-24 | ||
| Line 1,068: | Line 1,074: | ||
|3.3% | |3.3% | ||
|}'''New Car Avg Prices''' | |}'''New Car Avg Prices''' | ||
[[File:Screenshot 2024- | [[File:Screenshot 2024-05-14 115532.png|alt=|center|thumb|845x845px|https://www.coxautoinc.com/market-insights/april-2024-atp-report/]] | ||
[[File:Screenshot 2024-04-18 110755.png|center|thumb|845x845px|https://www.coxautoinc.com/wp-content/uploads/2024/03/Q1-2024-Cox-Automotive-Industry-Insights-and-Forecast-Call-Presentation.pdf]] | [[File:Screenshot 2024-04-18 110755.png|center|thumb|845x845px|https://www.coxautoinc.com/wp-content/uploads/2024/03/Q1-2024-Cox-Automotive-Industry-Insights-and-Forecast-Call-Presentation.pdf]] | ||
=== April 2024 === | |||
==== Used ==== | |||
* The Manheim Used Vehicle Value Index (MUVVI) fell to 198.4, a decline of 14.0% from a year ago. The seasonal adjustment to the index magnified the results for the month, resulting in a 2.3% month-over-month decrease. <ref>https://www.coxautoinc.com/market-insights/april-2024-muvvi/</ref> | |||
* In April, Manheim Market Report (MMR) values saw weekly decreases that were slightly above long-term averages during each week of the month. Over the last four weeks, the Three-Year-Old Index decreased an aggregate of 1.6%, including a decline of 0.5% in the last week of the month. | |||
* Over the month of April, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 98.3%, meaning market prices fell below MMR values and declined against March as well, which was 99.4% | |||
* The average daily sales conversion rate dropped to 59.6%, showing that demand declined relative to March, which is seasonally normal for this time of year. For comparison, the daily sales conversion rate averaged 60.4% in April during the last three years. | |||
* The average retail listing price for a used vehicle was up 2% over the last four weeks. | |||
==== New ==== | |||
* Downward slide in new-vehicle prices through the first quarter of 2024 reversed course in April, with average transaction prices (ATPs) increasing by 2.2% to $48,510, the highest prices since December 2023. Year over year, new-vehicle transaction prices were lower by 0.5%.<ref>https://www.coxautoinc.com/market-insights/april-2024-atp-report/</ref> | |||
* The average incentive package in April was 6.3% of the average transaction price, according to Kelley Blue Book estimates, down from 6.6% in the prior month. The incentive decline in April was the first decrease since October 2023 | |||
* Luxury transaction prices increased 2.4% from the prior month and incentives were notably lower, at 6.0% of ATP, down from 7.4% of ATP in March. Still, luxury brand prices in April were lower by 2.1% year over year, indicating that price pressure remains front and center | |||
* Prices of non-luxury vehicles were higher month over month in April by 2.1% and were mostly flat year over year, down by only 0.2%. | |||
* Electric vehicle transaction prices in April were essentially flat versus March – up roughly 0.1% – at $55,252, an increase of only $75 from the prior month. Year over year, the average transaction price for an EV was down 8.5%, thanks in part to price pressure on EVs driven by slowing sales, healthy inventory, and more competition. Electric vehicle incentive packages remain well above the industry average, in many cases more than 15-to-20% of ATP. | |||
=== '''March 2024''' === | === '''March 2024''' === | ||