CoPilot’s Car Price Index Report

May 2024 Used Car Pricing Report

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INTRODUCTION

Car prices are inflated in a structural and long-term way. Due to supply issues and increased production costs during the COVID-19 pandemic, new car prices skyrocketed, which also trickled into the used car market. Currently, new and used car price are as follows:

In the context of this new, elevated normal, CoPilot’s Car Price Index analyzes vehicle affordability by looking at current used car prices compared to the replacement cost of a comparable new car (rather than along a historical depreciation curve).

The Index tracks price movements across top brands, segments, makes/models on a monthly basis, as well as in the context of how a car’s current price compares to its pre-COVID price. It also offers insights on the segments, brands, and make/models that offer the best bargains for car shoppers.

KEY TAKEAWAYS

• Following four months of steady declines, new car prices reversed course and increased somewhat in April, up by $448 (or 1%) to an average of $49,736.

  • As consumers, with tax refund checks in hand, took advantage of deals and incentives being offered at the dealership, new car inventory has fallen by 12%, to 65 market days supply.
  • However, new car inventory still remains at its highest levels in three years, making it likely that we will continue to see deals and incentives through the spring and the summer.

• Used car prices, which had increased slightly in Q1 2024, fell slightly, down by just $138 (or 0.4%) to an average of $31,791. Since the start of the COVID-19 pandemic in March 2020, however, used car prices have seen the most substantial increases, up by $7,968 (or 33%).

  • Year-over-year, used car prices have fallen by 8%, with 1-3 year old (nearly-new) car prices down 12%. Some nearly-new models that have seen significant price drops include:

  • The 2023 Honda Civic R Type - down 22%, or $13,218

  • The 2022 Dodge Challenger - down 24%, or $11,780

  • The 2023 Nissan Titan - down 21%, or $11,586

• New luxury brands saw the most significant price jumps in April, up by $460 (or 6%). However, since the start of COVID, they have seen the relatively smallest degree of inflation among all makes types, up by $9,740 (or 16%) since March 2020.

• Used luxury brands remain the best value for consumers of all make types, with a replacement cost of 58 cents on the dollar to a comparable new car (compared to 60 cents on the dollar for domestic brands and 68 cents on the dollar for used foreign brands).

• Among all segments, new minivans saw the largest price movements in April, down by nearly $1,000 (or 2%) on average. Some minivans that saw significant price drops last month include:

  • The Kia Carnival, down by $1,125 (3%) to an average price of $42,115
  • The Chrysler Pacifica Minivan, down by $1,101 (2%) to an average price of $49,047
  • The Honda Odyssey, down by $355 (0.8%) to an average price of $45,549

• On the used side, among all segments, minivans and SUVs represent the best value.. Both are worth 62 cents on the dollar of a comparable new car.

  • However, used minivans have seen the most significant inflation of all segments during COVID, up by $8,249 (or 37%).

• Both new and used domestic brand cars saw modest price movements in April. One exception was new Buicks, which fell in price by $1,970 (or 6%). In particular:

  • The Buick Enclave (average price: $49,590) fell in price by $2,639 (or 5%) in April
  • The Buick Envision (average price: $36,625) fell in price by $727 (or 2%)

• Both new and used Toyotas saw the largest price increases among foreign brands in April. New Toyotas – whose 42 market days supply is 35% less than the average for new cars overall – saw a 2% (or more than $1,000) price jump, while used Toyota prices increased by 1% (or nearly $400) last month.

• For those in the market for a luxury car, some brands saw notable declines in April, including new Genesis cars (down by 3%), new Porsches (down by 1%), as well as used Porsches, Land Rovers, and BMWs (all down by 2%).

• New car incentives ramped up in April, driving a 10% increase in sales. Particularly for makes and models with high inventory, there are currently a number of attractive incentives available for consumers, including:

  • 2023 Chevrolet Silverado - $8,000 cash back on select models

  • Average price: $56,313

    • down 1% since April 2024
    • up 25% since March 2020

  • Market days supply: 76

  • 2024 Hyundai Santa Cruz - $2,500 cash back

  • Average price: $35,510

    • down 1% since April 2024

  • Market days supply: 108

  • 2023 Lincoln Navigator - 0% financing for 60 months on select models 

  • Average price: $103,331

    • held flat since April 2024
    • up 16% since March 2020

  • Market days supply: 181

  • 2024 Hyundai Ioniq 5 - 0% financing for up to 60 months

  • Average price: $49,994

    • held flat since April 2024

  • Market days supply: 97

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DATA HIGHLIGHTS

MAKE TYPE

Key Takeaways:

• All new make types saw price increases in April, with new luxury brands seeing the most significant monthly price jump (up by $460 or 0.6%). 

  • New foreign brand cars saw the smallest monthly price increase, up by just $65 (or 0.2%).
  • Since the start of COVID-19 in March 2020, new domestic brand cars have seen the most significant price jumps, up by $13,797 (or 35%). Meanwhile, new luxury brands have seen the least inflation during the pandemic, up by $9,740 (or 16%) over the past four years.

• Following the increases they saw in March, used cars across all make types fell slightly in price in April. Used domestic brands saw the largest price declines, down by $138 (or 0.4%), followed by luxury brands (down by $101 or 0.2%) and foreign brands (down by $41 or 0.2%).

• Used domestic brands have seen the most substantial increases during the pandemic, up by $9,105 (or 37%).

• Used luxury brands remain the best value for consumers. They have the lowest replacement cost ratio, of 58% – meaning they are worth 58 cents on the dollar of a replacement new car. 

  • Used luxury brands saw the relatively smallest amount of inflation during the pandemic of all make types, up $9,625 (or 31%).
  • Meanwhile, foreign brands have the highest replacement cost ratio of 68% - meaning their used models are worth 68 cents on the dollar of a comparable new car.

SEGMENTS

Key Takeaways:

• New minivans saw the largest price movements in April, down by nearly $1,000 (or 2%) on average. Meanwhile, new SUVs and crossovers increased in price, with SUVs up by $459 (or 0.7%) and crossovers up by $118 (or 0.3%). 

  • New SUVs basically erased their price drops from March, when they were down by $461.
  • Since the start of COVID, however, minivans have seen the most significant overall price jumps of any segment, up by $11,186 (or 31%).

• Some minivans that saw significant price drops in April include:

  • The Kia Carnival, down by $1,125 (3%) to an average price of $42,115
  • The Chrysler Pacifica Minivan, down by $1,101 (2%) to an average price of $49,047
  • The Honda Odyssey, down by $355 (0.8%) to an average price of $45,549

• All used segments saw relatively modest price declines in April. Used crossovers and SUVs led the pack, with crossovers down by $166 (or 0.6%) and SUVs by $158 (or 0.4%).

• Used minivans and SUVs represent the best value of all segments, both worth 62 cents on the dollar of a comparable new car.

  • However, used minivans have seen the most significant inflation of all segments during COVID, up by $8,249 (or 37%).

DOMESTIC BRANDS

Key Takeaways:

• Across the board, new domestic brand cars saw relatively slight price movements in April. The exception was new Buicks, which fell by nearly $2,000 (or 6%) last month. This follows last month’s price drop of 5% (another $2,000).

  • At 64 market days supply, Buick inventory is almost on par with the average of 65 days for the market as a whole.

• New Chryslers – which have a staggeringly high market days supply of 107 days – fell in price by $609 (or 1%) last month.

• Used domestic brands also saw more modest price movements in April. Used GMCs saw the largest price drop, down by $633 (or 2%).

• Used Chryslers remain the best value among used domestic brands, worth 49 cents on the dollar of a comparable new car.

FOREIGN BRANDS

Key Takeaways:

• New Toyotas saw the largest monthly price increase among foreign brands, up $1,084 (or 2%) since April. They were followed by new Hondas, which jumped by $634 (or 2%).

  • New Toyotas have 42 market days supply, while new Hondas have a market days supply of 30 – both significantly below the average inventory of 65 market days supply for new cars overall. 

• Meanwhile, new Kias saw the largest monthly price decrease among foreign brands, down by $474 (or 1%). Kias currently have 54 market days supply.

• Used Toyotas saw the largest monthly price increases among foreign brands, up by $399 (or 1%). They have 31 market days supply, compared to 37 for used cars overall.

  • Used Volkswagens and used Hyundais each fell in price by 1% in April.

• Used Hyundais represent the best value among used foreign brand cars, worth 58 cents on the dollar of a comparable new car.

  • Used Hondas, however, are the most inflated foreign brand car, worth 71 cents on the dollar of a comparable new car.

• New Toyotas and Hondas both increased in price in March, each up by 1%. Toyota and Honda have market days supply of 30 and 42, well below the average inventory for new cars of 65 market days supply, indicating demand remains strong.

  • Among foreign brands, new Hondas have seen the most substantial price increases since the start of the COVID-19 pandemic, up by 53% (or $6,465).

• Used Toyotas saw the largest increase among used foreign brands, up 3% (or $749) in April.

• Used Kias represent the best value for consumers among used foreign brands, worth 58 cents on the dollar of a comparable new car.

LUXURY BRANDS

Key Takeaways:

• New Genesis cars saw the largest price decrease in April, down by $1,680 (or 3%), followed by new Porsches, which fell by $1,094 (or 1%).

  • Interestingly, the drop in Porsche prices is more than the cumulative $666 (or 0.7%) by which they have increased since the start of the COVID-19 pandemic in March 2020. 

• New Lincolns and Audis saw the largest increases, each up by 2%.

• On the used side, used Porsches, Land Rovers, and BMWs saw the largest monthly price decreases, all down by 2%.

• Used Mercedes-Benz vehicles jumped in price by nearly $1,000 (or 2%) in April.

• Used BMWs represent the best value for consumers among luxury brands, worth 51 cents on the dollar compared to a comparable new car.

CURRENT NEW VEHICLE INCENTIVES¹

CoPilot has compiled pricing and inventory information for some new vehicles for which dealers are currently offering incentives – a trend we expect to see in the spring buying season.

• 2023 Chevrolet Silverado - $8,000 cash back on select models

  • Average price: $56,313

  • down 1% since April 2024

  • up 25% since March 2020

  • Market days supply: 76

• 2024 Hyundai Santa Cruz - $2,500 cash back

  • Average price: $35,510

  • down 1% since April 2024

  • Market days supply: 108

• 2023 Ford F-150 Lightning - 1.9% financing for 36 months for select models

  • Average price: $67,621

  • held flat since April 2024

  • Market days supply: 76

• 2023 Lincoln Navigator - 0% financing for 60 months on select models

  • Average price: $103,331

  • held flat since April 2024

  • up 16% since March 2020

  • Market days supply: 181

• 2024 Honda CR-V - 2.9% financing for 36 months

  • Average price: $37,034

  • held flat since April 2024

  • up 24% since March 2020

  • Market days supply: 36

• 2024 Hyundai Ioniq 5 - 0% financing for up to 60 months

  • Average price: $49,994

  • held flat since April 2024

  • Market days supply: 97

¹U.S. News & World Report Best Financing & Cash Back Deals

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ABOUT COPILOT

CoPilot is the leading AI-assisted car shopping app that provides consumers with an expert partner for high-consideration purchases, starting with car buying and ownership. The platform combines massive real-time data with a winning combination of human expertise and AI-powered search to introduce transparency to the shopping, purchasing and ownership journey. The mobile application takes the time, frustration, and guesswork out of the process, empowering people to easily navigate the risks of shopping for high-value items, and to buy with confidence at the right price and the right time.

Its intelligent agent chatbot, AI Sam, guides consumers through the process of finding and selecting their ideal vehicle, based on their personal preferences – including budget, vehicle type, color, engine, trim, and more – as well as CoPilot’s proprietary insights and analysis about these vehicles. It provides curated and ranked recommendations for the perfect vehicle to meet their needs, as well as real-time information on its price and availability, based on their location. Consumers can also ask the AI Sam chatbot questions about specific cars and the car buying process, allowing them to access all the information they need in one place.

View the press release on this month’s Index report findings here.

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Media Contact:

Kerry Close

kclose@groupgordon.com

732-609-2644