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Automotive Industry:United States: Difference between revisions
Automotive Industry:United States (view source)
Revision as of 17:45, 11 December 2023
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== Prices == | == Prices == | ||
[[File:Screenshot 2023-11-13 102603.png|alt=|center|thumb|835x835px|https://www.coxautoinc.com/market-insights/august-2023-muvvi/]] | '''Used Car Index'''[[File:Screenshot 2023-11-13 102603.png|alt=|center|thumb|835x835px|https://www.coxautoinc.com/market-insights/august-2023-muvvi/]]'''New Car Avg Prices''' | ||
[[File:Screenshot 2023-12-11 114407.png|center|thumb|845x845px]] | |||
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* Over the month of October, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 98.6%, meaning market prices were below MMR values. The average daily sales conversion rate dropped to 52.9%, which indicates that demand has declined but remains at a decent level for this time of year. For comparison, the daily sales conversion rate averaged 52.2% in October 2019. | * Over the month of October, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 98.6%, meaning market prices were below MMR values. The average daily sales conversion rate dropped to 52.9%, which indicates that demand has declined but remains at a decent level for this time of year. For comparison, the daily sales conversion rate averaged 52.2% in October 2019. | ||
* The sales conversion rate in October was the lowest in three months but stronger than in June and July.<ref>https://www.coxautoinc.com/market-insights/october-2023-muvvi/</ref> | * The sales conversion rate in October was the lowest in three months but stronger than in June and July.<ref>https://www.coxautoinc.com/market-insights/october-2023-muvvi/</ref> | ||
==== New ==== | |||
* The average transaction price (ATP) for a new vehicle in October 2023 was $47,936, a 1.4% decline year over year; ATPs are down 3.5% from January.<ref>https://mediaroom.kbb.com/2023-11-13-Average-New-Vehicle-Prices-Down-1-4-Year-Over-Year-in-October,-as-Healthy-Inventories,-Higher-Incentives-Help-Buyers</ref> | |||
* In October, with a UAW strike underway but new-vehicle inventories on the rise, the average price paid for a new vehicle in the U.S. was $47,936, less than 1% more than the month earlier (revised to $47,797) | |||
* New-vehicle incentives in October were down 2.2% from September, while new-vehicle incentives are higher year over year by 117%. After increasing rapidly through the spring and early summer, new-vehicle incentive growth has taken a pause. Average incentive packages have stayed mostly unchanged over the past three months at just under 5% of ATP | |||
=== November 2023 === | === November 2023 === | ||