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| ===7. Car Prices=== | | ===7. Car Prices=== |
| Past Developments: [[Automotive Industry:United States#Prices|Automotive Industry:United States]] | | Past Developments: [[Automotive Industry:United States#Prices|Automotive Industry:United States]] |
| ====Used====
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| *Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) '''increased 0.2% in August from July'''. <ref>https://www.coxautoinc.com/market-insights/august-2023-muvvi/</ref>
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| *The Manheim Used Vehicle Value Index (MUVVI) rose to 212.2, '''down 7.7% from a year ago.'''
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| *Over the month of August, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 99.3%, meaning market prices were slightly below MMR values.
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| *The average daily sales conversion rate increased to 57.5%, which is much closer to normal for the time of year and higher than what was recorded over the last three months. For context, the daily sales conversion rate averaged 60.0% in August 2019
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| ====New====
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| * A new vehicle’s average transaction price (ATP) in August '''increased only 0.6% from July at an initial estimate of $48,451'''.<ref>https://www.coxautoinc.com/market-insights/auto-market-weekly-summary-09-11-23/</ref> | | ==== Used ==== |
| * The average price lost further ground on the average MSRP, falling to 99.1%, the lowest level since May 2021. | | |
| * '''The average price was up 0.1% from a year ago''', while the average MSRP increased 0.6% in August from July and was up 2.3% from a year ago. | | * Wholesale used-vehicle prices increased 1.0% in September from August. The Manheim Used Vehicle Value Index rose to 214.3 in September, down 3.9% from a year ago. |
| * Manufacturers’ '''average incentive spending increased 10.3% to $2,365''', up 113% from a year ago. Incentives as a percentage of average transaction price increased to 4.9%, the highest level since September 2021.
| | * Over the month of September, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 99.2%, meaning market prices were slightly below MMR values. |
| | * The average daily sales conversion rate declined to 55.7%, which was close to normal for the time of year. For comparison, the daily sales conversion rate averaged 55.3% in September 2019. The sales conversion rate in September was lower than in August but stronger than in June and July.<ref>https://www.coxautoinc.com/news/september-2023-muvvi/</ref><ref>https://www.coxautoinc.com/market-insights/september-2023-muvvi/</ref> |
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| == CPI During Recession == | | == CPI During Recession == |
