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Automotive Industry:United States: Difference between revisions
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[[File:Screenshot 2024-05-14 115532.png|alt=|center|thumb|845x845px|https://www.coxautoinc.com/market-insights/april-2024-atp-report/]] | [[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]] | ||
=== May 2024 === | |||
==== Used ==== | |||
* The Manheim Used Vehicle Value Index (MUVVI) fell to 197.3, a decline of 12.1% from a year ago. The seasonal adjustment to the index reduced the impact on the month, resulting in values that declined 0.6% month over month. The non-adjusted price in May decreased by 1.2% compared to April, moving the unadjusted average price down 11.4% year over year.<ref>https://www.coxautoinc.com/market-insights/may-2024-muvvi/</ref> | |||
* In May, Manheim Market Report (MMR) values saw weekly decreases that were slightly above long-term average declines, though the first half of the month was better while the back half was weaker. Over the last four weeks, the Three-Year-Old Index decreased an aggregate of 2.0%, including a decline of 0.7% in the last week of the month, which was the week of the Memorial Day holiday. Those same five weeks delivered an average decrease of 1.5% between 2014 and 2019, illustrating that depreciation trends are currently tracking higher than long-term averages for the year. | |||
* Over the month of May, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 98.8%, meaning market prices stayed below MMR values. | |||
* The average retail listing price for a used vehicle was unchanged over the last four weeks. | |||
==== New ==== | |||
* Last month, according to estimates by Kelley Blue Book, the average transaction price (ATP) for a new vehicle in the U.S. was $48,389, statistically unchanged from the downwardly revised price of $48,368 in April. The new-vehicle ATP in May was lower year over year by 0.9%, approximately $442. | |||
* Higher incentives helped make new vehicles more affordable in May. The average new-vehicle incentive package – discounts and rebates included – last month was 6.7% of the average transaction price, according to Kelley Blue Book estimates, an increase from April and the highest level since May 2021. Incentives in May were approximately $3,200, notably higher than one year ago when discounts were measured at 4.0% of ATP.<ref>https://www.coxautoinc.com/market-insights/may-2024-atp-report/</ref> | |||
=== April 2024 === | === April 2024 === | ||