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Automotive Industry:United States: Difference between revisions
Automotive Industry:United States (view source)
Revision as of 16:41, 13 November 2023
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== Prices == | == Prices == | ||
[[File:Screenshot 2023- | [[File:Screenshot 2023-11-13 102603.png|alt=|center|thumb|835x835px|https://www.coxautoinc.com/market-insights/august-2023-muvvi/]] | ||
=== December 2022 === | === December 2022 === | ||
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* The average price Americans paid for a new vehicle in September 2023 was down 3.4% from the start of the year, as higher inventory levels and increased incentives continued to put downward pressure on pricing. | * The average price Americans paid for a new vehicle in September 2023 was down 3.4% from the start of the year, as higher inventory levels and increased incentives continued to put downward pressure on pricing. | ||
* Incentives averaged $2,368 in September, the highest point in the last 24 months and at 4.9% of ATP. | * Incentives averaged $2,368 in September, the highest point in the last 24 months and at 4.9% of ATP. | ||
=== October 2023 === | |||
==== Used ==== | |||
* Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 2.3% in October from September. The Manheim Used Vehicle Value Index (MUVVI) dropped to 209.4, down 4.0% from a year ago. | |||
* In October, Manheim Market Report (MMR) values saw above-average weekly declines that peaked in intensity in the middle of the month. Over the last four weeks, the Three-Year-Old Index declined an aggregate of 3.6%. Those same four weeks delivered an average decline of 2.4% in 2014-2019. | |||
* 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> | |||
== Inventory == | == Inventory == | ||