CoPilot’s Car Price Index Report

December 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 decreased slightly in November, down by $160 (or 0.3%) to an average of $49,345. Overall, they remain 28% (or $10,939) more expensive than they were pre-COVID.
  • Used car prices also decreased somewhat in November, down by $185 (or 0.6%) to an average of $32,065. Used car prices, however, are 35% (or $8,383) more expensive than they were before March 2020.
  • Since the start of the COVID-19 pandemic, new domestic brand cars remain the most inflated, with prices up by 33% to an average of $52,756. However, 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.
  • Minivans continue to be the most inflated segment on both the new and used side (up 33% for new minivans and 41% for used minivans).
  • Among all segments, used SUVs represent the best value for consumers, worth 59 cents on the dollar compared to a comparable new car.
  • Among domestic brands, new Dodges are the most inflated domestic vehicle brand since COVID, up by 45% to an average of $47,876.
  • On the used side, GMCs are the most inflated domestic brand since COVID, up by 44% since March 2020 to an average price of $42,614. Meanwhile, used Chryslers represent the best value for consumers among domestic brands, worth 50 cents on the dollar in comparison to new cars.
  • Among foreign brands, new Kias are the most inflated since COVID, up by 48% to an average of $36,705. 
  • On the used side, Hyundais have seen the most inflation since COVID, up by 59% to $23,523. Meanwhile, used Volkswagens represent the best value for consumers among foreign brands, worth 57 cents on the dollar of a comparable new car.
  • Among luxury brands, new and used Lincolns have seen the most inflation during COVID. Since March 2020, new Lincolns are up by 26% to an average of $69,534, and used Lincolns are up by 55% to an average price of $38,732.
  • Meanwhile, used Land Rovers represent the best value for consumers among luxury brands, worth 51 cents on the dollar to a comparable new car.



DATA HIGHLIGHTS

MAKE TYPE



Key Takeaways:

  • Monthly price movements among make types were largely minimal in November.
  • Since March 2020 (pre-COVID), new domestic brand cars remain the most inflated, with prices up by 33% to an average of $52,756.
  • On the used side, foreign brands and luxury brands have seen the most inflation since COVID, with prices up by 37% for foreign brands to an average of $25,942 and up by 37% for luxury brands to an average of $42,893. Used domestic brands are not far behind, up by 36% to an average of $33,388.
  • 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:

  • Price movements were largely minimal among segment types, with used minivans seeing the largest monthly declines, down by 2% (or $640) in November to an average of $31,230.
  • On the used side, all segments saw slight price declines, with the exception of crossovers, which saw prices tick upward by $204 (or 0.7%) to an average of $28,245.
  • On both the new and used side, minivans remain the most inflated segment, with prices up by 33% since pre-COVID for new models and by 41% since March 2020 for used models (down from 44% in October).
  • 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 November, new Jeeps and Rams saw the largest monthly price declines among domestic brands, both down by 2% to an average price of $48,435 for Jeeps and $60,636 for Rams.
  • Dodges are the most inflated domestic vehicle brand since COVID, up by 45% to an average of $47,876.
  • Price movements for used domestic brands were minimal in November. Used Buicks and used Chryslers saw the largest price declines, both down by 2% to an average of $24,979 for Buicks and $24,853 for Chryslers.
  • Used GMCs have seen the most inflation among domestic brands during COVID, up by 44% since March 2020 to an average price of $42,614.
  • Used Chryslers represent the best value for consumers among used domestic brands, worth 50 cents on the dollar in comparison to new cars.



FOREIGN BRANDS




Key Takeaways:

  • Price movements among new foreign brand cars were minimal in November. New Nissans saw the largest monthly declines, down by 2% (or $554) to an average price of $32,809. New Volkswagens, meanwhile, saw the largest monthly increases, up by 1% to an average price of $37,726.
  • New Kias are the most inflated foreign brand since COVID, up by 48% to an average of $36,705.
  • Price movements among used foreign brand cars were also minimal in November. Used Toyotas saw the largest price declines, down by 2% (or $662) to an average of $30,184.
  • Since the start of COVID, used Hyundais have seen the most inflation since COVID, up by 59% to $23,523.
  • Used Volkswagens represent the best value for consumers, worth 57 cents on the dollar of a comparable new car.



LUXURY BRANDS




Key Takeaways:

  • Among new luxury brands, new Land Rovers saw the largest increases, up by 3% (or $2,696) in November to an average price of $94,380. New Audis, meanwhile, saw the most significant declines, down by 3% (or $1,696) to an average of $65,793.
  • Since the start of the pandemic, new Lincolns have seen the most inflation, up by 26% to an average of $69,534. New BMWs have seen the least inflation, up by just 10%, to an average of $76,046.
  • Used Porsches saw the largest price gains in November, up by $4,075 (or 5%) to an average price of $91,038. This follows last month’s 6% jump in prices for used Porsches. 
  • Used Cadillacs fell in price in November, down by 5% (or $2,162) to an average price of $43,234.
  • Used Lincolns have seen the most inflation since pre-COVID, up by 55% to an average price of $38,732.
  • Used Land Rovers represent the best value for consumers, worth 51 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