CoPilot’s Car Price Index Report

October 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

  • For the first time in three months, new car prices fell, by $72 (or 0.1%) to an average of $49,619. Used car prices again increased modestly, up by $133 (or 0.4%) to an average of $32,433.
  • Used car inflation increased to 37% higher than pre-COVID levels, while new cars remain 29% more expensive than they were in March 2020.
  • New domestic brands have experienced the most inflation since the start of the COVID, up by 34%, while foreign brand cars have seen the most COVID-era inflation among used make types, up by 40% since March 2020.
  • By segment, new minivans - on both the new and used side - remain the most inflated from their pre-COVID pricing levels (up by 30% for new and 45% for used). Both new and used SUVs are the least inflated segments (up by 20% for new and 22% for used).

  • New Rams and Jeeps – both made by Stellantis, which last week reported a 20% drop in Q3 sales in the U.S. – saw the largest monthly price declines among domestic brands in September. Both are down in price by over $1,000, or 2%.

    • However, both brands are still priced above the market average, with Rams at $60,698 and Jeeps at $49,858. As a result, consumer demand remains sluggish, with Ram inventory at 136 market days supply and Jeeps at 109 market days supply. 

  • Among foreign brands, new and used Nissans have seen the least inflation from their pre-COVID levels, with new Nissans up by 22% and used Nissans up by 26%.

  • Some luxury brands have seen relatively low levels of inflation since before the pandemic: for example, new Porsches are up by 8%, and used Land Rovers are up by just 4%.



DATA HIGHLIGHTS

MAKE TYPE



Key Takeaways:

  • Monthly price movements among make types were minimal.
  • Both new foreign and luxury brands saw slight price declines, while new domestic brand car prices inched upward slightly.

  • New domestic brand cars remain the most inflated since before the pandemic, up by 34% since March 2020 to an average price of $53,328.

    • Meanwhile, new luxury brand cars are just 17% more expensive than they were before the pandemic.

  • Used car prices across all make types increased in September, with used luxury brand vehicles seeing the largest increases, up by $441 (or 1%).

  • Used foreign brands remain the most inflated make type since before the pandemic, currently listed 40% above their pre-COVID levels.

  • Used luxury brands represent the best value for consumers among all make types, worth 59 cents on the dollar of a comparable new car.



SEGMENTS




Key Takeaways:

  • Monthly price movements among segments were modest.
  • New SUVs saw the biggest increases, up by $297 (or 0.5%) to an average price of $65,786. New crossovers saw the largest decrease, down by $166 (or 0.4%) to an average price of $42,920.
  • New minivans remain the most inflated above their March 2020 levels, up by 30%, while SUVs (at 20% more expensive than their pre-COVID prices) are the least inflated segment.
  • Used minivans saw the largest price increases among segments in March, up by $447 (or 1%) to an average price of $32,163. Meanwhile, used SUVs were the only segment to see a price decline (though their prices only fell by $9).

  • Used minivans remain the most inflated segment from their pre-COVID pricing levels, up by 45%. Used SUVs are the least inflated from before COVID, up by 22% from March 2020.

    • Used SUVs also represent the best value to consumers, worth 59 cents on the dollar of a comparable new car.



DOMESTIC BRANDS




Key Takeaways:

  • Monthly price movements among domestic brand cars were largely minimal.
  • New Buicks saw the largest monthly price increase, up by 3% or $972. 
  • New Rams and Jeeps, both Stellantis brand vehicles that have suffered from sluggish sales, saw the largest monthly price declines among domestic brands, both down by over $1,000, or 2%. Both brands still remain priced above the market average, with the average Ram listed at $60,698 and the average Jeep at $49,858. Their market days supply, at 136 for Rams and 109 for Jeeps, indicates these price cuts and incentives have not made a dent in spurring consumer interest.
  • Used GMCs saw the largest monthly price increase among domestic brands, up by 2% or $739.
  • Used Chevrolets are the segment that has shown the least inflation from its pre-COVID levels, up by just 12% since March 2020. They also represent the best value for consumers, with 50 cents on the dollar of a comparable new car.



FOREIGN BRANDS




Key Takeaways:

  • Monthly price movements among foreign brand cars were largely minimal.
  • New Nissans are the least inflated foreign car brand from pre-COVID levels, up by 22%.
  • Used Volkswagens and Hyundais saw the largest price increases among foreign brands during September, both up by 2%.
  • Used Nissans are the least inflated foreign car brand from their pre-COVID levels, up by 26%.
  • Used Hyundais represent the best value for consumers among foreign brand cars, worth 60 cents on the dollar of a comparable new car.



LUXURY BRANDS




Key Takeaways:

  • Luxury brands largely saw only minimal price movements in September.
  • New Porsches saw the largest monthly increases among luxury brands, up by $1,357 (or 1%) in September.
  • New Porsches, however, are also the least inflated new luxury car, up by 8% since the start of the pandemic.
  • Used Acuras and used BMWs saw the largest monthly increases among luxury brands, both up by 3% in September.
  • Used Land Rovers are the least inflated luxury cars since pre-COVID, up by only 4% since March 2020. They are followed by used Lexuses, up by 22%.
  • Relative to new cars, used BMWs represent the best value for consumers, worth 52 cents on the dollar of a comparable new car.




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