Consumer Price Index: Difference between revisions

Consumer Price Index (view source)

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→‎7. Car Prices

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 ===7. Car Prices===
 Past Developments: [[Automotive Industry:United States#Prices|Automotive Industry:United States]]
+=== January 2024 ===
 ==== Used ====
-* Following a downward trend that began in the second half of the year, 2023 ended with the Manheim Used Vehicle Value Index down 0.5% in December from November. <ref>https://www.coxautoinc.com/news/december-2023-muvvi/</ref>
+* Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) were unchanged in January compared to December. The Manheim Used Vehicle Value Index (MUVVI) remained at 204.0 but down 9.2% from a year ago. The index experienced the same 0.0% monthly change from December 2021 to January 2022.<ref>https://www.coxautoinc.com/market-insights/january-2024-muvvi/</ref>
-* The Manheim Used Vehicle Value Index (MUVVI) dropped to 204.0, down 7.0% from the previous year, a larger decline than originally expected.
+* Over the month of January, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 99.6%, meaning market prices were just below MMR values but moved higher than year-end.
-* Compared to the index peak in December 2021, used-vehicle values are down nearly 21%.
+* The average daily sales conversion rate increased to 56.0%, which indicates that demand was improving relative to year-end and fairly normal for this time of year. For comparison, the daily sales conversion rate averaged 55.5% in January during the last three years.
-* Over the month of December, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 99.0%, meaning market prices were just below MMR values. The average daily sales conversion rate increased to 53.8%, which indicates demand was improving and relatively strong for the time of year.
-* The average retail listing price for a used vehicle declined 0.4% over the last four weeks. Year over year, retail used-vehicle listing prices in late December were down 4.3%.
+==== New ====
+* The average transaction price of a new vehicle in January declined 2.6% from December to an initial estimate of $47,401, according to Kelley Blue Book data. This was the lowest average price since May 2022.<ref>https://www.coxautoinc.com/market-insights/auto-market-weekly-summary-02-12-2024/</ref>
+* The average price relative to the average MSRP moved up slightly to 97.1%, from what had been the lowest level since March 2021. The average price was down 3.5% from a year ago. The average MSRP declined 2.6% in January from December and was down 1.6% from last year.
+* The average incentive spend from manufacturers increased 0.7% to $2,703, which was up 93% year over year. Meanwhile, incentives as a percentage of the average transaction price increased to 5.7%, the highest level since July 2021.
 {| class="wikitable"
@@ Line 697: / Line 703: @@
 |-
 !Index (1/97 = 100)
-!Manheim Index $ amount SA
+! Manheim Index $ amount SA
 !Index % MoM
 !Index % YoY
+|-
+|Jan-24
+|204.0
+|18,664
+|0.0%
+| -9.2%
 |-
 |Dec-23
 |204.0
-|18,657
+| 18,657
 | -0.5%
 | -7.0%
 |-
-| Nov-23
+|Nov-23
 |205.0
 |18,752
 | -2.1%
 | -5.8%
-|-
-|Oct-23
-|209.4
-| 19,157
-|  -2.3%
-| -4.0%
 |}
 == CPI During Recession ==