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Surplus Inventory Slightly Drives Down New-Car Prices as Used-Car Market Stabilizes, According to Cars Commerce's September Industry Insights Report

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Cars Commerce's September Industry Insights Report reveals significant shifts in the automotive market. New-car prices declined 1.5% year-over-year due to inventory surpluses, particularly for Stellantis brands. The average new car price remained steady at $49,000, while the Cars.com New Car Price Index fell almost 5 percentage points YoY.

Stellantis brands faced price declines, with Jeep down 5%, Ram 7%, and Dodge 3%. In contrast, Toyota and Honda saw price increases of 3% and 8% YoY, respectively. The used-car market stabilized, with average prices down 5% YoY to $28,882.

New-car searches dipped 5% month-over-month following typical post-Labor Day patterns. Inventory levels rose nearly 30% YoY, with Ford leading at 33% growth. The EV market showed divergence, with used EV searches growing faster than new, while new EV inventory outpaced demand growth by nearly 50% YoY.

Il Rapporto di Analisi dell'Industria di Cars Commerce per settembre rivela significativi cambiamenti nel mercato automobilistico. I prezzi delle auto nuove sono diminuiti dell'1,5% rispetto all'anno precedente a causa di surplus di inventario, in particolare per i marchi Stellantis. Il prezzo medio delle auto nuove è rimasto stabile a $49,000, mentre l'Indice dei Prezzi delle Auto Nuove di Cars.com è calato di quasi 5 punti percentuali rispetto all'anno precedente.

I marchi Stellantis hanno subito diminuzioni di prezzo, con Jeep in calo del 5%, Ram del 7% e Dodge del 3%. Al contrario, Toyota e Honda hanno registrato aumenti dei prezzi rispettivamente del 3% e dell'8% rispetto all'anno precedente. Il mercato delle auto usate si è stabilizzato, con i prezzi medi in calo del 5% rispetto all'anno precedente, arrivando a $28,882.

Le ricerche di auto nuove sono diminuite del 5% mese su mese seguendo i tipici schemi post-Labor Day. I livelli di inventario sono aumentati di quasi il 30% rispetto all'anno precedente, con Ford in testa con una crescita del 33%. Il mercato delle auto elettriche ha mostrato divergenze, con le ricerche di auto elettriche usate che crescono più velocemente rispetto a quelle nuove, mentre l'inventario di auto elettriche nuove ha superato la crescita della domanda di quasi il 50% rispetto all'anno precedente.

El Informe de Insights de la Industria de Cars Commerce para septiembre revela cambios significativos en el mercado automotriz. Los precios de los coches nuevos cayeron un 1.5% interanual debido a los excedentes de inventario, particularmente para las marcas de Stellantis. El precio promedio de los coches nuevos se mantuvo estable en $49,000, mientras que el Índice de Precios de Coches Nuevos de Cars.com cayó casi 5 puntos porcentuales interanuales.

Las marcas de Stellantis enfrentaron caídas de precios, con Jeep cayendo un 5%, Ram un 7% y Dodge un 3%. En contraste, Toyota y Honda vieron aumentos de precios del 3% y 8% interanual, respectivamente. El mercado de coches usados se estabilizó, con precios promedio cayendo un 5% interanual a $28,882.

Las búsquedas de coches nuevos disminuyeron un 5% mes a mes siguiendo los patrones típicos posteriores al Día del Trabajo. Los niveles de inventario crecieron casi un 30% interanual, siendo Ford la líder con un crecimiento del 33%. El mercado de vehículos eléctricos mostró divergencias, con búsquedas de vehículos eléctricos usados creciendo más rápido que las nuevas, mientras que el inventario de vehículos eléctricos nuevos superó el crecimiento de la demanda en casi un 50% interanual.

Cars Commerce의 9월 산업 통찰력 보고서는 자동차 시장의 중대한 변화들을 드러냅니다. 신차 가격이 전년 대비 1.5% 하락했으며 이는 특히 Stellantis 브랜드의 재고 과잉으로 인한 것입니다. 평균 신차 가격은 $49,000으로 유지되었습니다, 반면 Cars.com의 신차 가격 지수는 전년 대비 거의 5%p 하락했습니다.

Stellantis 브랜드는 가격 하락에 직면했으며, Jeep는 5% 하락, Ram은 7%, Dodge는 3% 하락했습니다. 반대로, Toyota와 Honda는 각각 3%와 8%의 가격 상승을 경험했습니다. 중고차 시장은 안정세를 보였으며, 평균 가격은 전년 대비 5% 하락하여 $28,882에 도달했습니다.

신차 검색은 일반적인 노동절 이후의 패턴을 따라 전월 대비 5% 감소했습니다. 재고 수준은 전년 대비 거의 30% 증가했습니다, Ford가 33% 성장으로 선두를 달리고 있습니다. 전기차 시장은 차별화된 모습을 보였습니다, 중고 전기차 검색이 신차 검색보다 더 빠르게 증가했으며, 신차 전기차 재고가 수요 증가를 거의 50% 초과했습니다.

Le Rapport d'Analyse du Secteur de Cars Commerce pour septembre révèle des changements significatifs sur le marché automobile. Les prix des voitures neuves ont diminué de 1,5 % par rapport à l'année précédente en raison des surplus de stock, notamment pour les marques Stellantis. Le prix moyen des voitures neuves est resté stable à 49 000 $, tandis que l'Indice des Prix des Voitures Neuves de Cars.com a chuté de près de 5 points de pourcentage par rapport à l'année précédente.

Les marques Stellantis ont enregistré des baisses de prix, avec Jeep en baisse de 5 %, Ram de 7 % et Dodge de 3 %. En revanche, Toyota et Honda ont vu leurs prix augmenter de 3 % et 8 % par rapport à l'année précédente, respectivement. Le marché des voitures d'occasion s'est stabilisé, avec des prix moyens en baisse de 5 % par rapport à l'année précédente, atteignant 28 882 $.

Les recherches de voitures neuves ont chuté de 5 % d'un mois sur l'autre, suivant les tendances typiques après le Labor Day. Les niveaux de stock ont augmenté de près de 30 % par rapport à l'année précédente, Ford se classant en tête avec 33 % de croissance. Le marché des véhicules électriques a montré des divergences, les recherches de véhicules électriques d'occasion croissant plus rapidement que celles de nouveaux véhicules, tandis que les niveaux de stock de nouveaux véhicules électriques ont dépassé l'augmentation de la demande de près de 50 % par rapport à l'année précédente.

Der Branchenbericht von Cars Commerce für September zeigt bedeutende Veränderungen auf dem Automobilmarkt. Die Preise für Neuwagen sind im Jahresvergleich um 1,5 % gesunken, bedingt durch Überbestände, insbesondere bei Stellantis-Marken. Der durchschnittliche Preis für Neuwagen blieb bei $49,000 stabil, während der Cars.com Neuwagenpreis-Index um fast 5 Prozentpunkte im Jahresvergleich gefallen ist.

Die Stellantis-Marken mussten Preisrückgänge verzeichnen, jeep um 5 %, Ram um 7 % und Dodge um 3 % gesunken. Im Gegensatz dazu erlebten Toyota und Honda Preiserhöhungen um 3 % und 8 % im Jahresvergleich, jeweils. Der Gebrauchtwagenmarkt stabilisierte sich mit einem Rückgang der Durchschnittspreise um 5 % im Jahresvergleich auf $28,882.

Die Suchanfragen nach Neuwagen sanken im Monatsvergleich um 5 %, was den typischen Mustern nach dem Labour Day entspricht. Die Bestandslevel stiegen im Jahresvergleich um fast 30 %, wobei Ford mit 33 % Wachstum an erster Stelle steht. Der Markt für Elektrofahrzeuge zeigte eine Divergenz, wobei die Suchanfragen nach gebrauchten Elektrofahrzeugen schneller wuchsen als nach neuen, während die Bestände neuer Elektrofahrzeuge die Nachfrage um fast 50 % im Jahresvergleich übertrafen.

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The Automotive Market Sees a Shift as Stellantis Brands Cut Prices While Toyota and Honda Face Strong Demand

CHICAGO, Oct. 21, 2024 /PRNewswire/ -- Cars.com Inc. (NYSE: CARS) (d/b/a "Cars Commerce."), an audience-driven technology company empowering the automotive industry, outlines shifts in the automotive industry in its September Industry Insights Report. This comprehensive report, crafted by Cars Commerce's expert data analysts, delves into macro and micro automotive market insights by analyzing supply, demand, pricing and consumer behavior data from across the company's platform, including Cars.com®, Dealer Inspire® and Accu-Trade®

"The automotive market is undergoing an adjustment as new-car prices declined, with a 1.5% year-over-year drop in September driven by significant inventory surpluses, particularly among brands like Jeep, Ram and Dodge, which are sitting on dealer lots an average of 131 days — well above the market average of 72 days," said David Greene, industry and marketplace analytics principal, Cars Commerce. "While the average price of a new car is steady around $49,000, Cars.com's New Car Price Index fell almost 5 ppts YoY, showing some of the impacts of available incentives and discounting for select models. Meanwhile, the used-car market continues to hold steady since early 2024, but average prices are down 5% year over year, dropping to $28,882, ultimately offering more affordable options for price-conscious consumers."

Honda, Toyota See Price Increases While Stellantis Faces Price Declines

In September, Jeep's average new car list price fell by 5%, Ram by 7% and Dodge by 3%, signaling a challenging landscape for these brands that typically carry above-average prices. In addition, all of these Stellantis brands index below-average in Cars.com's New Car Pricing Index, which estimates the full cost to buy and finance a vehicle, inferring that Stellantis deployed heavy customer incentives and discounts to help sell down inventory. Stellantis also recently cited production cuts as a factor for lower shipments in the third quarter to address the excess supply of vehicles. Despite these pressures, the overall average price of new vehicles remained steady at approximately $49,000, while brands like Toyota and Honda defied the trend. These brands saw price increases of 3% and 8% YoY, respectively, as strong demand kept prices elevated.

Seasonal Trends and Inventory Adjustments

The new-car market in September saw a seasonal dip in searches, down 5% month over month, following typical post-Labor Day patterns. The impact of Hurricane Helene in the southeastern U.S. (Florida, Georgia, Tennessee, Virginia and the Carolinas) further contributed to September's slowdown, with demand down 7% week over week starting Sept. 26 in affected markets compared to 1% WoW for the rest of the country. The full effects on demand, sales and inventory — especially due to production halts at some plants — won't be fully visible until the end of October when the complete impact of Hurricane Helene and the fast-following Hurricane Milton is assessed. However, inventory levels in September remained elevated for now, up nearly 30% YoY as manufacturers like Ford, Chevrolet and Honda replenished stock after 2023's chip shortage recovery.

Ford led inventory growth in September, with models like the Super Duty F-250 and Bronco driving a 33% YoY increase. Chevrolet and Honda also expanded inventory significantly. Despite the rise in inventory, the market gradually stabilized in September, with days live averaging 72 days — up 42% YoY but still below the 80-day average we saw in 2019.

Used-Car Inventory Continues to Increase in Age and Miles

The used-car market, in contrast, remained stable in September, with the average price standing at $28,882, which is nearly unchanged since the beginning of 2024 but down 5% YoY. Consumers continue to gravitate toward used vehicles for affordability even as the average vehicle age increases slightly to 5.2 years with mileage just over 60,000. This stability is helping buyers navigate the market amid high interest rates and fluctuating new-car prices.

New and Used EV Market Continues to Fluctuate

The electric vehicle segment is also experiencing a divergence between new and used markets, with used EV searches growing faster than new, although EV inventory isn't entirely aligned with demand growth. New EV inventory outpaced demand to grow by nearly 50% YoY, while sales lagged and the average price decreased 3% YoY, vs. a 2% YoY drop for all new vehicles, with new models like the Chevrolet Blazer EV and Cadillac Lyriq sitting on dealer lots longer than average. Used EVs saw a 9% YoY price drop compared to a 5% drop for all used vehicles, while consumer interest in used EVs continued to grow with a 32% YoY increase in consumer searches compared to a 2% decrease for all used-car searches.

To download the full report, visit www.carscommerce.inc.

*Inventory, searches and list price on Cars.com.

ABOUT CARS COMMERCE

Cars Commerce is an audience-driven technology company empowering the automotive industry. Cars Commercesimplifies everything about car buying and selling with powerful products, solutions and AI-driven technologies that span pretail, retail and post-sale activities – enabling more efficient and profitable retail operations. The Cars Commerce platform is organized around four industry-leading brands: the flagship automotive marketplace and dealer reputation site Cars.com®, award-winning technology and digital retail technology and marketing services from Dealer Inspire®, essential trade-in and appraisal technology from Accu-Trade®, and exclusive in-market media solutions from the Cars Commerce Media Network. Learn more at www.carscommerce.inc.

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SOURCE Cars Commerce

FAQ

How did new-car prices change in September 2024 according to Cars Commerce's report?

According to Cars Commerce's September Industry Insights Report, new-car prices declined 1.5% year-over-year, while the average price remained steady at around $49,000.

Which car brands saw price increases in September 2024?

Toyota and Honda defied the general trend and saw price increases of 3% and 8% year-over-year, respectively, due to strong demand.

How did Stellantis brands perform in terms of pricing in September 2024?

Stellantis brands faced price declines, with Jeep's average new car list price falling by 5%, Ram by 7%, and Dodge by 3%.

What was the average price of used cars in September 2024 according to CARS?

The average price of used cars in September 2024 was $28,882, which was nearly unchanged since the beginning of 2024 but down 5% year-over-year.

How did new EV inventory change compared to demand in September 2024?

New EV inventory outpaced demand growth by nearly 50% year-over-year, while sales lagged and the average price decreased 3% year-over-year.

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