CoPilot’s Car Price Index Report

September 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

• Both new and used car prices saw modest increases in August. 

  • New car prices inched upward by $179 (or 0.4%) to an average of $49,772.
  • Sales ramped up during the summer months, amid both a traditionally busy buying season, and automakers offering a slew of financing and cash-back incentives to lure consumers onto the dealer lot.
  • Consequently, new car inventory fell by 18% to 68 market days supply between early July and early September.
  • Supply is still above normal levels, and with interest rate cuts likely coming in mid-September, consumers may finally see more affordable new car prices in the fall.

• Used car prices also increased slightly, by $233 (or 0.7%) to an average of $32,224.

  • Used car sales were also strong in the summer, with inventory falling by 17% as a result, to 37 market days supply from early July to early September.
  • While used car prices have fallen by 8% in the past year (compared to less than 3% for new cars), their steady price declines will not continue indefinitely, as sales have picked up, and fewer off-lease cars from 2021 will be returned to replenish nearly-new car supply. For consumers, now may be the time to buy a used car before prices increase more significantly.

• Over the past six months since CoPilot began its Car Price Index Report, new and used car prices have settled into a post-pandemic new normal: New cars are 29% more expensive than they were in March 2020, and used car prices have jumped by 35% since before COVID.

• SUVs are the segment that remains priced closest to their pre-COVID levels, up by 19% on the new side (average price $65,424) and up by 22% on the used side (average price $40,822). With a used SUV worth 60 cents on the dollar of a comparable new car, they also present the best value for consumers.

  • By contrast, minivan prices are the most elevated since March 2020, up by 29% for new models and 43% for used models.

• Among domestic brand cars, both the new and used side, Chryslers offer a strong bargain for consumers. 

  • Used Chryslers are only 12% more expensive than they were pre-COVID (at an average price of $25,199), and are worth 50 cents on the dollar of a comparable new car.
  • In August, new Chrysler prices fell by 3% (to an average of $45,702); with inventory levels (at 108 market days supply) well above the industry average, it’s likely dealers will be motivated to negotiate to move Chrysler inventory off their lots.
  • Buicks, however, have seen both their new and used prices jump by 2% in the past month. 

• Among foreign brand cars, new Toyotas saw the largest monthly declines, down by 3%. No used foreign brand cars dropped in price, and used Hyundais saw the most significant increases, up by 3%.

  • Used Volkswagens and used Hyundais represent the best value for consumers among used foreign brand cars, both worth 59 cents on the dollar of a comparable new car.
  • Used Nissans overall have seen the least severe inflation since the start of the pandemic, up by 25% since March 2020.

• Among new luxury brands, new Mercedes-Benz and Audis saw the largest price drops in August, down by 2%. While new Porsche prices increased by 2% last month, they remain the luxury brand closest to their pre-COVID levels, up by just 7% since March 2020.

• Used Land Rovers are just 4% more expensive than they were in March 2020, and used BMWs represent the best value for consumers among luxury brands, worth 50 cents on the dollar of a comparable new car.

---

DATA HIGHLIGHTS

MAKE TYPE

Key Takeaways:

• Monthly price movements among make types were minimal.
• Both new domestic brands and luxury brands saw modest decreases, while new foreign brands saw a slight increase in price.
• New luxury cars are closest to their pre-COVID levels, up by 17% since March 2020 – compared to 29% for new foreign brand cars and 34% for new luxury brand cars.
• On the used side, all make types saw a slight price increase in August, with foreign brands up the most, by $284 (or 1%) to an average of $26,009.
• The price of used foreign brand cars remains least elevated from pre-COVID levels, up by 28%. On the other hand, used domestic brand cars are most inflated, up by 37% since March 2020.
• Used luxury brands, however, offer the best deal for consumers relative to their new counterparts, worth 58 cents on the dollar compared to a comparable new car.

SEGMENTS

Key Takeaways:

• Monthly price movements among segments were minimal.
• New minivan prices are the most inflated since the start of COVID, up by 29%. They are closely followed by 27% for pickup trucks and 25% for crossovers.
• New SUV prices, meanwhile, are just 19% more expensive than their March 2020 levels, lower than the average for new cars overall.
• On the used side, SUVs were the only segment to see a decline in August, down by 0.8%. They are the segment that has experienced the least inflation since the start of COVID, up by 22% over the past four-and-a-half years. 
• Used SUVs also represent the best value for consumers in comparison to their new counterparts, worth 60 cents on the dollar to a comparable new car.
• Minivans, by contrast, have jumped in price by 43% since March 2020.

DOMESTIC BRANDS

Key Takeaways:

• New Chryslers and Jeeps – which have extremely elevated inventory levels of 108 and 119 market days supply, respectively – saw the largest price declines in August among new domestic cars. Both fell by 3% (or more than $1,000 each) as consumer interest in both brands remains muted.
• New Buicks, whose inventory of 81 market day supply is below the average for new domestic cars, saw their price increase by 2% in August.
• New Dodge prices are the most elevated from their pre-COVID levels, up by 46% – closely followed by new GMCs, whose prices are up by 44% since March 2020.
• Most used domestic brand cars saw price increases in August, with used GMCs and used Buicks seeing the largest jumps (both up by 2%). Both have inventory levels slightly below the average of 40 market days supply for used domestic brand cars.
• Used Dodge prices have seen the largest increases since March 2020, up by 48%.
• Used Chryslers are only 12% more expensive than they were pre-COVID. They represent the best value for consumers, worth 50 cents on the dollar of a comparable new model.

FOREIGN BRANDS

Key Takeaways:

• In August, new Toyotas saw the biggest decline among foreign brands, down by 3%.
• New Kias remain the most inflated foreign brand car, up by 49% since March 2020. They’re followed by new Hyundais, which are 43% more expensive than their pre-COVID levels, and which jumped in price by 2% in August.
• All used foreign brand cars saw price increases in August, with used Hyundais leading the way with a 3% monthly jump. Used Hyundais are the most inflated foreign brand, up by 42% since pre-COVID.
• Used Nissans, on the other hand, have seen the least severe inflation among foreign brands since March 2020, up by 25%.
• Used Volkswagens and used Hyundais are both worth 59 cents on the dollar of a comparable new car, representing the best value for consumers.

LUXURY BRANDS

Key Takeaways:

• Both down in price by 2%, new Mercedes-Benz and new Audis saw the largest price drops among luxury brand cars in August. Meanwhile, new Porsches, Land Rovers, and BMWs saw the biggest price increases, each up by 2%.
• New Porsches are just 7% more expensive than their pre-COVID pricing levels, followed by new BMWs, up by 11% since March 2020.
• Most used luxury brand cars saw price increases in August, with used Porsches and Cadillacs leading the way with 3% increases.
• Used Land Rovers are nearing their pre-COVID pricing levels, just 4% more expensive than they were in March 2020. On the other end of the spectrum, used Lincolns are the most inflated luxury brand, up by 61% since the start of the pandemic.
• Used BMWs represent the best value for consumers, worth 50 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 Audi A6 - 0.99% financing for 60 months, $7,500 cash back on select models

  • Average price: $65,618

  • down by 0.2% since August 2024

  • Market days supply: 246

  • down by 27% since August 2024

• 2024 Ford F-150 - 0% financing for 36 months on select models, $2,500 on select models

  • Average price: $56,265

  • down by 0.4% since August 2024

  • Market days supply: 78

  • down by 5% since August 2024

• 2024 Honda Odyssey - 3.9% financing for 48 months on select models

  • Average price: $45,927

  • up by 2% since August 2024

  • Market days supply: 41

  • up by 17% since August 2024

• 2024 Kia EV9 - 0% financing for 48 months on select models, $7,500 cash back on select models

  • Average price: $63,856

  • up by 0.8% since August 2024

  • Market days supply: 59

  • down by 3% since August 2024

• 2024 Kia Forte - $1,000 cash back on select models

  • Average price: $22,464

  • up by 0.3% since August 2024

  • Market days supply: 43

  • down by 12% since August 2024

• 2024 Mazda CX-30 - 0% financing for 36 months, $1,000 cash back on select models

  • Average price: $30,274

  • up by 0.2% since August 2024

  • Market days supply: 76

  • flat since August 2024

• 2024 Hyundai Elantra - $1,500 cash back on select models

  • Average price: $25,529

  • down by 1% since August 2024

  • Market days supply: 52

  • down by 28% since August 2024

• 2024 Mitsubishi Outlander - 0% financing for 48 months on select models, $2,000 cash back on select models

  • Average price: $35,963

  • down by 0.3% since August 2024

  • Market days supply: 93

  • up by 4% since August 2024

• 2024 Nissan Altima - 0% financing for 36 months on select models, $1,000 cash back on select models

  • Average price: $29,079

  • up by 0.5% since August 2024

  • Market days supply: 57

  • down by 3% since August 2024

• 2024 Toyota Crown - 2.99% financing for 60 months on select models

  • Average price: $51,715

  • up by 1% since August 2024

  • Market days supply: 34

  • down by 23% since August 2024

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

---

ABOUT COPILOT

For journalists and publishers, CoPilot’s data has the best real-time view on prices, sales, and inventory in the new and used car market. By monitoring the online inventory of virtually every dealer in the country, every day, CoPilot:

• Provides fresh, comprehensive, and daily data
• Offers insight on the new and used market, broken down by segment, brand, model, and fuel type
• Looks at current retail prices, which (unlike wholesale prices) are a much more accurate reflection of how much consumers are currently paying for cars

For consumers, CoPilot offers the first-ever AI-assisted car shopping app, which:

• Searches virtually every dealer and analyzes millions of vehicles to find the best car for your needs, at the right price
• Helps you avoid add-ons and hidden fees, and negotiate the best price
• Does not take money from dealers, providing customers with truly unbiased recommendations

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

---

Media Contact:

Kerry Close

kclose@groupgordon.com

732-609-2644