CoPilot’s Car Price Index Report

July 2024 Used Car Pricing Report


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

  • Price movements overall were minimal in June, with new car prices falling by only 0.5% and used car prices nudging upward by just 0.2%. 
  • New car prices overall are 30% higher than their pre-COVID, March 2020 levels, while used car prices are 33% more expensive. Combined with high interest rates, it remains a very challenging time for consumers, particularly in the new market, to buy a car.
  • Among all segments, both new and used minivans remain the most inflated since the start of the pandemic. Used SUVs, which have fallen substantially in price over the past year, represent the best value for consumers.
  • Among domestic vehicles, new Buicks and Rams saw the most substantial price drops in June. On the used side, Jeeps represent the best value for consumers, worth 53 cents on the dollar of a comparable new car.
  • Among foreign vehicles, new Nissans saw the largest monthly price declines, down by 2%. Hyundais represent the best buy for a foreign brand on the used side, worth 56 cents on the dollar of a comparable new car.
  • New Mercedes-Benz vehicles saw a massive price drop in June, down by $3,522 (or 4%). Meanwhile, used Porsches, Cadillac, Volvos, and Mercedes-Benz all saw 2% price declines. Used Audis, worth 51 cents on the dollar of a comparable new car, represent the best buy for consumers.



DATA HIGHLIGHTS

MAKE TYPE



Key Takeaways:

  • In general, both new and used make types saw minimal price movements in June.

  • Luxury brands were the only brand to see a price increase in June, though it was very slight (just by $36, or 0.1%). They remain the least inflated from their pre-COVID levels, up by 16% since March 2020.

    • By contrast, domestic brand cars have seen the most inflation since before the pandemic, up by 35% (or $13,754).

  • On the used side, foreign brands were the only make type to see a price increase in June, though they only inched upward by $18 (or 0.1%). 

    • Luxury brands represent the best value for consumers, worth 67 cents on the dollar compared to the cost of a comparable new car.



SEGMENTS




Key Takeaways:

  • On the new side, all segments saw slight price declines in June, led by minivans and crossovers (which both declined by about $400, or 0.9%). 

    • New minivans remain the most inflated segment since the start of the pandemic, up by 29% (or $10,378) since March 2020.

  • On the used side, pickup trucks saw the largest price declines among all segments, down by $453 (or 1%).

    • Used minivans, meanwhile, saw the largest increase in June, up by $301 (or 1%). Since the start of COVID, minivans have also seen the most inflation among all used segments, up by 39% (or $8,521).

  • Used SUVs represent the best value for consumers among all segments, worth 61 cents on the dollar to a comparable new vehicle.



DOMESTIC BRANDS




Key Takeaways:

  • In June, Buicks saw the most substantial price declines among new domestic brand cars, down by $882 (or 3%). They were closely followed by Rams, down by $856 (or 1%).
  • By contrast, new GMC vehicles saw an increase of nearly $900 (or 1%) in June, the largest among all new domestic brands.
  • New Dodge vehicles have seen the most inflation among domestic vehicles since the start of the pandemic, up by 58% (or $17,991) since March 2020.
  • On the used side, Dodge, GMCs, and Rams saw the largest monthly price declines in June, all down by 1%. Used Dodges remain the most inflated domestic vehicle, more than $15,000 (or 76%).
  • Used Jeeps represent the best value for consumers among used cars, worth 53 cents on the dollar of a comparable new car.



FOREIGN BRANDS




Key Takeaways:

  • New Nissans saw the largest monthly price declines among foreign brands in June, down by 2% (or $651).
  • New Kias are the most COVID-inflated foreign vehicle, up in price by 51% (or $13,319) since March 2020.
  • Used Hondas and Kias saw the largest price increases among foreign brands in June, each up by 2%.
  • Used Volkswagens have seen the most inflation among foreign brands since the start of the pandemic, up by 47% (or $7,860). 
  • Used Hyundais represent the best value among foreign brands, worth 56 cents on the dollar compared to a comparable new car.



LUXURY BRANDS




Key Takeaways:

  • New Mercedes-Benz vehicles saw the largest monthly price declines among new luxury cars, down by a staggering $3,522 (or 4%) in June. They also remain the most inflated since the start of the pandemic, up by 27% (or $16,356).
  • Used Porsches, Cadillacs, Volvos, and Mercedes Benz vehicles saw the largest price declines among luxury vehicles in June, all down by 2%. Used Mercedes-Benz, however, remain the most inflated since the start of COVID, up by 55% (or $17,752).
  • Used Audis represent the best value for consumers among used luxury brands, worth 51 cents on the dollar of 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.

  • 2024 Dodge Durango - $3,600 cash back on select models

    • Average price: $57,659

    • Down 2% since June 2024

    • Market days supply: 158

  • 2024 Ford Expedition - $3,000 cash back on select models, 1.9% financing for 36 months on select models

    • Average price: $73,942

    • Down 1% since June 2024

    • Market days supply: 121

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

    • Average price: $71,249

    • up 2% June 2024

    • Market days supply: 90

  • 2024 Ford Mustang - $2,000 cash back on select models, 1.9% financing for 36 months on select models

    • Average price: $47,129

    • Down 3% since June 2024

    • Market days supply: 91

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

    • Average price: $37,540

    • Up 1% since June 2024

    • Market days supply: 49

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




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.


Media Contact:

Kerry Close

kclose@groupgordon.com

732-609-2644