CoPilot’s Car Price Index Report

November 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

  • New car prices moved upward marginally in October, by $57 (or 0.1%), to an average of $49,496. Used car prices trended slightly downward, by $172 (or 0.5%) to an average of $32,251. 
  • In sum, the price gap between new and used cars widened, as new cars continue to remain out of reach for many consumers. The price gap between new and used cars is currently $17,695 (a difference of 53%), though it’s worth noting that this difference as a percentage was higher pre-COVID (with new cars priced 62% higher).
  • Among make types, used luxury brands saw the largest price movement, up by $926 (or 2%) in October to an average of $42,794. However, tied with used domestic brands, they still represent the best used car value for consumers among make types, worth 60 cents on the dollar compared to a comparable new car.
  • Among segments, the most significant price movements in October came from minivans - up by $778 (or 2%) to an average of $47,136 - and SUVs, up by $749 (or 1%) to an average of $66,581.
  • Since pre-COVID, minivans remain the most inflated segment, with new minivans up by 31% since March 2020 and used minivans up by 44%. Used SUVs, however, are the best buy for consumers on the used side, worth 59 cents on the dollar of a comparable new car.
  • The most inflated domestic brands - both on the new and used side - remain well above 40% more expensive than their pre-COVID prices. New GMCs are the most inflated domestic vehicle brand since COVID, up by 44% to an average of $66,688. On the used side, used Rams, GMCs, and Dodges are all up by 43%. 
  • Though new foreign brands overall have seen the least COVID-era inflation among make types, some brands are bucking the trends - for instance, new Kia prices are up by a whopping 49% to an average of $36,970. On the used side, used Hyundais stand out as an example of a brand with above-average COVID inflation: up by 59% to an average of $23,624.
  • Though October price movements among new luxury brands were largely minimal, there were some exceptions: new Land Rovers (up by 3% to an average of $91,582), new Cadillacs (down by 3% to an average of $65,777), and used Porsches (up by 6% to an average of $86,992).



DATA HIGHLIGHTS

MAKE TYPE



Key Takeaways:

  • Monthly price movements among make types were largely minimal in October, with the exception of used luxury brands, which increased by $926 (or 2%) to an average of $42,794.
  • Since March 2020 (pre-COVID), new domestic brand cars remain the most inflated, with prices up by 34% to an average of $53,311.
  • On the used side, foreign brands have seen the most inflation since COVID, with prices up by 39% to an average of $26,219. However, used domestic and used luxury brands are not far behind (each up by 37% since March 2020).
  • Both domestic and luxury brands represent the best used value for consumers in comparison to new, with both worth 60 cents on the dollar to a comparable new car.



SEGMENTS




Key Takeaways:

  • New minivans and new SUVs saw relatively substantial price jumps in October, with minivans up by $778 (or 2%) to an average of $47,136 and SUVs up by $749 (or 1%) to an average of $66,581.
  • On the used side, all segments saw slight price declines, with the exception of SUVs, which saw prices tick upward by $165 (or 0.4%) to an average of $40,989.
  • On both the new and used side, minivans remain the most inflated segment, with prices up by 31% since pre-COVID for new models and up by a staggering 44% since March 2020 for used models (to an average of $31,868).
  • Used SUVs represent the best value for consumers, worth 59 cents on the dollar compared to a comparable new car.



DOMESTIC BRANDS




Key Takeaways:

  • In October, Rams and Buicks saw the largest monthly price increases among domestic brands - with Rams up by $1,283 (2%) to an average of $62,033 and Buicks up by $1,281 (or 4%) to an average of $36,578.
  • GMCs are the most inflated domestic vehicle brand since COVID, up by 44% to an average of $66,688.
  • Price movements for used domestic brands were more minor in October. Used Dodges saw the largest decline, down by $854 (or 3%) to an average of $31,761.
  • Used Rams, GMCs, Dodges, and Fords have all seen the most inflation among domestic brands since COVID. Used Rams, GMCs, and Dodges are up by 43%, while used Fords are up by 42%.
  • Used Chryslers represent the best value for consumers among used domestic brands, worth 51 cents on the dollar in comparison to new cars.



FOREIGN BRANDS




Key Takeaways:

  • Price movements among new foreign brand cars were minimal in October. Overall, new Kias have seen the most inflation among foreign brands since COVID, up by 49% to an average of $36,970. New Nissans, meanwhile, have seen the least inflation, up by 20% to an average of $33,379.
  • Price movements among used foreign brand cars were also minimal in October. Used Toyotas saw the largest price declines, down by $853 (or 3%) to an average of $30,818.
  • Since the start of COVID, used Hyundais have seen the most inflation since COVID, up by 59% to $23,624.
  • Used Volkswagens represent the best value for consumers, worth 59 cents on the dollar of a comparable new car.



LUXURY BRANDS




Key Takeaways:

  • Among new luxury brands, price movements were largely minimal. New Land Rovers increased in price by $2,728 (or 3%) to an average of $91,582, and new Cadillac prices fell by $2,133 (or 3%) to an average of $65,777.
  • Since the start of the pandemic, new Lincolns have seen the most inflation, up by 26% to an average of $69,548. New Cadillacs have seen the least inflation, up by just 10%.
  • Used Porsches saw the largest price gains in October, up by $4,985 (or 6%) to an average price of $86,992. They were followed by used BMWs, which jumped in price by $1,717 (or 4%) to an average of $41,724.
  • Used Lincolns have seen the most inflation since pre-COVID, up by 59% to an average price of $39,577.
  • Used Land Rovers represent the best value for consumers, worth 53 cents on the dollar to 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 Guaragno

kclose@groupgordon.com

732-609-2644