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Key Takeaways
In 2024, the new car market is doing something it rarely does: holding steady. Although prices are stable, they remain close to record highs. This stability comes after several years of tumultuous changes in the automotive industry, from the pandemic-driven recession to the supply chain shortages that followed. As new car price trends prove tough to forecast, keeping an eye on the market’s subtle movements becomes crucial for potential buyers and sellers alike.
Let’s delve deeper into the current state of the new car market.
Contents hide
1 New Car Prices – September 2024 Update
2 Negotiability Is Key
New Car Prices – September 2024 Update
Which segments of new cars are experiencing price drops, and which are seeing a rise? Is now a good time to buy a new car, or is it a good time to sell? We will address these pressing questions and more.
According to the most recent data from Cox Automotive, the average transaction price for new cars is $48,401. That’s down 3.1% from the peak of $49,929 in December 2022. New car selling prices have held steady for the past year, and were just $106 lower in July 2024 than one year prior.
| Month-Year | Average New Car Transaction Price |
|---|---|
| 1/1/2023 | $49,468 |
| 2/1/2023 | $48,558 |
| 3/1/2023 | $48,289 |
| 4/1/2023 | $48,277 |
| 5/1/2023 | $48,658 |
| 6/1/2023 | $48,671 |
| 7/1/2023 | $48,165 |
| 8/1/2023 | $48,126 |
| 9/1/2023 | $47,797 |
| 10/1/2023 | $47,936 |
| 11/1/2023 | $48,247 |
| 12/1/2023 | $48,759 |
| 1/1/2024 | $47,401 |
| 2/1/2024 | $47,244 |
| 3/1/2024 | $47,218 |
| 4/1/2024 | $47,433 |
Some new car segments are seeing notable price declines in 2024, while others are holding firm. The luxury vehicle segment has experienced notable price reductions, largely due to Tesla’s aggressive pricing strategies. Tesla is now a top-10 luxury brand in America, not just the leader of electric vehicle sales.
Negotiability Is Key
If you’re looking for the BEST deal on a new or used car, remember this: knowledge is power when it comes to negotiating car prices. When you have an understanding of local inventory dynamics, car price trends, incentives, and the negotiable aspects of a car deal, you’re better prepared to drive away proud of your deal.
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Last updated Sep 13, 2024
