The combination of rising supplies of new vehicles and sluggish sales resulted in a decrease in the average price Americans paid for new vehicles in the first month of 2024. Across the industry, the average transaction price (ATP) for a new vehicle in January stood at $47,401.
A decrease of 2.6 percent from December isn’t particularly surprising, considering that January typically sees slower sales, with luxury vehicle sales often spiking in the final month of the year. However, what’s more notable is that the latest data reveals a 3.5 percent drop in ATPs compared to January 2023.
“The year-over-year new-vehicle ATP decline of 3.5% is notable,” said Erin Keating, executive analyst at Cox Auto. “Prices have been trending downward for roughly six months now as automakers are sweetening deals to keep the sales flowing.”
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