Down nearly 4% from a year ago and down almost 3% from December 2023.
Day’s supply at the start of January hit 80, up 38% from the same time a year ago.
The last time days’ supply crossed the 80-days mark was June 1, 2020, when it was 83 days’ supply.
New-vehicle sales incentives increased in January 2024 for the third straight month as the sales pace slowed.
3-Month Sales Trend*
Month
Avg. Daily Retail Sales
November
48,400
December
52,500
January
43,200
Average Transaction Price*
Month
Amount
November
$47,435
December
$48,759
January
$47,401
Days’ Supply*
Month
# of Days
November
71
December
70
January
80
Daily Holding Cost Per New Car*
Month
Amount
November
$7.73
December
$7.71
January
$7.69
Dealer Profit Per New Car**
Month
Amount
November
$3,002
December
$2,729
January
$2,817
OEM Days’ Supply*
Rebates & Incentives
Latest News
Average Blended Incentive is $2,703
As supply inventories continue to rise, Lenders and OEMs are beginning to increase incentive mid-month changes to gain market share for the first time since we started experiencing chip shortages
The new federal tax rebate is allowing customers transfer a tax credit up to $7,500 to the dealer and apply the amount towards the final purchase cost of select vehicles that meet program requirements
Full-Size Pick-up Segment
After a strong December and close to 2023, sales dipped for January with the Ram 1500 at a 6-month low despite the high incentive offer of an average over $7,000
Compact Sedan Segment
Most consistent segment in the month of January, all other segments saw slower sales for the month of January
Mid-Size SUV Segment
Jeep Wrangler and Jeep Cherokee both were stand outs in the crowd with slightly higher sales as compared to December
Mid-Size Sedan Segment
Hyundai Sonata had two-fold increase of Active supply available on dealer showroom floors when compared to the previous 6 months
Toyota Corolla Active Supply has outnumbered sold units, marking the first time in over 6 months that active supply has out passed sold units
Electric Vehicle Segment
Chevy Bolt had a strong start to the 2024 year with the highest 6-month average of sold units
Tesla issued a recall of more than 2.2 million vehicles dating back to 2019 due to dashboard warning light “font” size
“It is common to see lower transaction prices and sales in January, as December typically is a hot month for luxury vehicle sales. However, the year-over-year new-vehicle ATP [average transaction price] decline of 3.5% is notable. Prices have been trending downward for roughly six months now as automakers are sweetening deals to keep the sales flowing.”
