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Consumer Price Index: Difference between revisions
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* Compared to last month, all segments were down except one, with sports cars being up by 1.6%. Pickups lost less than the industry month over month, down 0.6%, while vans, compact cars, and luxury lost the most, with declines of 3.2%, 2.8%, and 2.4%, respectively. | * Compared to last month, all segments were down except one, with sports cars being up by 1.6%. Pickups lost less than the industry month over month, down 0.6%, while vans, compact cars, and luxury lost the most, with declines of 3.2%, 2.8%, and 2.4%, respectively. | ||
* '''The average daily sales conversion rate declined to 48.9%, which was below normal for the time of year.''' For context, the daily sales conversion rate averaged 60.1% in July 2019. | * '''The average daily sales conversion rate declined to 48.9%, which was below normal for the time of year.''' For context, the daily sales conversion rate averaged 60.1% in July 2019. | ||
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* A new vehicle’s average transaction price (ATP) '''in July declined 0.7% from June.''' The initial ATP estimate for July is estimated at '''$48,344'''. | |||
* The ATP gained a little ground on the average MSRP but remained below the average MSRP. '''The average price was up 0.4% from a year ago''', while the average '''MSRP declined 0.7% in July from June but was up 2.5% from a year ago.''' | |||
* Automakers spent on average '''5.5% more on incentives in July to an average of $2,148 per vehicle''', up 83% from last year. Incentives as a percentage of average transaction price increased to '''4.4%''', the highest level since September 2021.<ref>https://www.coxautoinc.com/market-insights/auto-market-weekly-summary-august-7/</ref> | |||
== CPI During Recession == | == CPI During Recession == | ||