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SEARCHLate-year shopping charged by incentives, post-election certainty, and ample supply.
The November seasonally adjusted annual rate was 16.5 million, the strongest pace since the spring of 2021.
Pexels/Attila Darvas
Buying new vehicles proved pricier for the second month in a row in November, though incentives grew even more to pump up sales, which were also aided by bigger inventories.
The average transaction price for the month totaled $48,724, up about 2% month-over-month and the highest of the year in a typical late-year surge, said Cox Automotive, which pointed out that luxury sales tend to pick up toward year’s end.
The ATP compared with the historical record of $49,926 in December 2022, based on Cox data.
At the same time, incentives have been growing more than vehicle prices, reaching 8% of the ATP, up slightly month-over-month for the fifth straight month of gains.
Plenty of vehicle selection drew more buyers. Inventory exceeded three million units for the first time since 2020, the year the pandemic ensued in the West.
New-vehicle sales, despite still-high prices, were consequently brisk, Cox said, at about 1.4 million units for a seasonally adjusted annual rate of 16.5 million and the strongest pace since the spring of 2021.
Along with incentives and plenty of supply, pent-up demand and consumer certainty following the November election fueled business.
“If sales volumes in November are any indication, we think 2024 will end on a positive note for the auto business,” said Cox Executive Analyst Erin Keating.
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The year starts with declined expectations for economic conditions and plans to make big purchases. Used cars, though, are among the top big-ticket categories under consideration.
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The Honda Civic is named the most reliable new car for the money at $27,768 with a predicted 13½ year life span, breaking down to $2,058 annually, or less than half the industry average.
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Could it be an early spring when it comes to used-vehicle sales? Black Book analysts think so based on recent weeks' auction activity.
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Auto consumers reported greater satisfaction last year despite higher prices and rising tariffs, due to an omnichannel approach blending online and in-person shopping, Cox Automotive research found.
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Purchases of new and used vehicles were down in December despite several positive market turns for consumers, whose optimism didn’t match their big-ticket spending.
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ATPs, asking prices stay elevated as affordable model sales languish and pricey ones flourish
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Midsize luxury and subcompact luxury crossover segment depreciation quickened last week amid overall declines.
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Still-pricey market nonetheless sees healthy volume
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