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In America, sales of the three core Stellantis brands have tumbled 39% in the past 5 years. Meanwhile, overall new car sales in America are 11% below 2018 levels. Following FCA’s transition to Stellantis in early 2021, the three brands have become a liability for the multinational automotive conglomerate. If you’re not convinced that Jeep, Chrysler, and Dodge are in dire trouble, you might be swayed by this look at their U.S. sales in recent years. Plus, we’ll take a look at where things stand today for these three American icons.
New Name, Bigger Problems
In January 2021, the merger between FCA and Peugeot S.A. (PSA) marked the birth of Stellantis, yet its American brands have struggled in the U.S. market since. By Q4 2023, Stellantis’s U.S. market share had dipped to 8.80%, a significant decline from 9.63% the previous year and the lowest in five years, contrasting sharply with a recent peak of 12.66% in 2019.
Sales have steadily declined for three former FCA brands sold in America: Jeep, Dodge, and Chrysler. Ram has fared better as a standalone truck brand, seeing annual sales decline ‘just’ 10% since 2018.
For Jeep, Dodge, and Chrysler, the outlook is grim if the recent past is anything to judge. As you can see below, none of the three have come out of the pandemic slump.
And here are the numbers for Jeep, Dodge, and Chrysler, showing U.S. sales from 2014 to 2023.
Jeep
Dodge
Chrysler
2014
692,348
574,155
308,785
2015
865,028
527,295
317,923
2016
926,376
506,858
239,492
2017
828,522
446,996
188,545
2018
973,227
459,324
165,964
2019
923,291
422,886
126,971
2020
795,313
267,328
110,464
2021
778,711
215,724
115,004
2022
684,614
190,795
112,713
2023
642,924
199,458
133,729
Market Share Declines
Last year, Jeep’s market share slightly fell to 3.92%, down from a recent high of 5.17% in 2019. Ram’s share dropped to 3.44%, down from 4.60% in 2021. Dodge saw a more notable decrease to 1.09% by the end of 2023, a far cry from its former stature as a major player. In the mid-1980s, one in seven new vehicles in America was a Dodge.
Chrysler’s market share plummeted to just 0.27% from 0.69% a year earlier. After consecutive model cancellations and serious stagnation in sales, Chrysler’s U.S. market share has held below 1% since 2021.
These figures highlight the challenges Stellantis faces in reinvigorating its American brands amidst a fiercely competitive market.
How are the individual brands performing in the U.S. new car market? Let’s dive in for a closer look.
Jeep Sales Are Down 44%
2018 was the last stellar year for Jeep. It’s been downhill ever since. Jeep sales are down 44% from 2018’s peak, when 972,227 Jeeps were sold in America. In 2023, the iconic brand sold just 642,924 vehicles, the lowest sales figure in 11 years.
Over the past two years, Jeep has launched multiple new models, from the luxurious Grand Wagoneer to plug-in hybrid 4xe variants. However, Stellantis’ plan of action doesn’t seem to be working.
Overall U.S. new vehicle sales totaled 15.5 million, an increase of 11.6% from 2022. At the same time, Jeep sales dropped 6.1% year-over-year.
On top of this, Jeep’s inventory is staggeringly high, no matter how you look at it. Typically, a healthy new car inventory is measured by an industry metric called market day supply (MDS). In essence, MDS represents how long it would take to sell all existing inventory at current daily selling rates, assuming no new inventory was added. A ‘healthy’ inventory is generally between 45 and 65 days of supply, depending on seasonality and differences between OEMs.
As of late February 2024, there’s a 195-day supply of new Jeeps on sale in America. Nationwide, 188,611 new Jeep vehicles are sitting on dealer lots. That’s not good.
Here’s a look at five-year sales trends for Jeep’s models.
2018 U.S. Sales
2023 U.S. Sales
Trend
Cherokee
239,437
24,609
-89.72%
Compass
171,167
96,173
-43.81%
Gladiator
N/A
55,188
N/A
Grand Cherokee
224,908
244,594
8.75%
Grand Wagoneer
N/A
10,618
N/A
Renegade
97,062
26,011
-73.20%
Wagoneer
N/A
29,149
N/A
Wrangler
240,032
156,581
-34.77%
It’s great to see the popularity of the Grand Cherokee continuing, but most other Jeep models are faring worse.
Believe it or not, Dodge is in an even worse slump. Let’s take a look at the numbers.
Dodge Sales Are Down 67%, Inventory Soars
Dodge sales are down 67% from 2013’s peak of 595,743 sales in America. In 2023, Dodge sold just 199,458 vehicles, a slight improvement from 2022. However, 2022’s 190,795 vehicles sold was the lowest annual Dodge sales figure since 1996, according to historical sales data from GoodCarBadCar.
Things aren’t looking any better for 2024. In fact, considering decisions made by Stellantis themselves, 2024 is shaping up to be the final nail in the coffin for this once-popular brand.
In 2023, Dodge discontinued production of two popular models. The Dodge Challenger and Dodge Charger, two of the last American muscle cars still in production, were officially removed from production schedules last December. Meanwhile, fewer than 10,000 copies of the much-hyped Dodge Hornet were sold. What does Dodge’s future look like without these two sporty models, which combined made up 60% of Dodge’s sales in 2023? Electrification is on the horizon if the latest clues are to be trusted. Will Dodge’s fanbase convert to electric performance? The brand’s future depends on it.
Here’s a look at five-year sales trends for Dodge’s best-selling models, the Charger, Durango, and Challenger.
As the official FCA press release points out, Dodge’s U.S. sales actually increased 5% year over year. The Durango seems to be carrying the brand right now. However, zoom out just a bit, and we see that sales have been cut in half over the past decade. 2024 will be a pivotal year for Dodge’s future.
So far, the brand isn’t off to a good start. As of late February, there was a 329-day supply of new Dodge vehicles in the U.S. That’s now the highest inventory of ANY car brand today. More than 80,000 new Dodge’s sit on the market waiting for buyers.
Chrysler Sales Are Down 58%
Chrysler sales are down 67% from 2015’s peak of 317,923 sales in America. In 2023, Chrysler sold just 133,729 vehicles, a slight improvement from 2020’s low of about 110,000.
Chrysler recently discontinued the 300 sedan, but it was never a major seller to begin with. What new models does Chrysler still sell? As of 2024, the Chrysler Pacifica van is the only remaining Chrysler model. It is popular, however, having completed 120,554 sales in 2023.
In Conclusion: Stellantis Has a Mess On Their Hands
The dramatic decline in sales for Jeep, Dodge, and Chrysler underlines significant challenges for Stellantis, with each brand facing its own set of issues. Jeep’s inability to boost sales despite new model launches, Dodge’s precarious future post-muscle car, and Chrysler’s dwindling presence to a single model, all signal deep-rooted problems beyond just market trends. These issues highlight a disconnect between the brands’ strategies and the evolving demands of the market, necessitating a comprehensive reassessment of their roles within Stellantis and the broader industry.
Stellantis is at a crossroads, needing to realign these iconic American brands with consumer wants and needs at a price buyers are willing to pay. The conglomerate’s ability to navigate this transformation will determine whether Jeep, Dodge, and Chrysler can regain relevance and growth or fade into automotive history.
Spring car buying season is already upon us, bringing with it a mix of challenges and opportunities for car shoppers. We spoke to CarEdge Co-Founder Ray Shefska to see what he’s thinking about the auto market ahead. Whether you’re looking to upgrade your ride, or simply curious about the current automotive landscape, this CarEdge update has you covered. Let’s dive into the latest data and trends to help you make informed decisions, no matter what your preferred set of wheels may be.
New Car Market Spring Update
The Spring of 2024 is shaping up to be an interesting time for new car buyers. “Automakers are stuck with billions of dollars of inventory that they can’t sell. One of the main culprits for this oversupply is high interest rates,” noted Ray. With an average new car loan rate sitting at 9.96% APR as of January, and used car rates even higher at 14.25%, it’s clear that financing costs remain a significant hindrance for many. However, the landscape is changing, with more attractive financing options emerging for buyers willing to search for them.
Remarkably, 13.7% of new car loans were financed at APRs below 3% in February according to the latest update from Cox Automotive. This is a substantial increase from just a few months prior.
Despite this, zero percent APR deals remain rare, but they’re out there for qualified buyers with great credit. Last month, zero percent APR auto loans accounted for only 3% of new car loans. Yet, we see great 0% APR offers from Ford, Hyundai, Nissan, and others. Check out our guide to the best deals.
Ray is quick to point out that inventory has flipped from 2021’s severe shortage to 2024’s massive oversupply. “Now you have high supply and dwindling demand. Normally, that means dealers will be willing to work with you on a better deal. There’s room to negotiate that didn’t exist a few years ago.”
Inventory levels are also making headlines, with 2.66 million new cars available for sale in America, marking a 49% increase from last year. This surplus, an 82-day supply, signals a buyer’s market for the first time since 2020. This is especially true for brands like Chrysler, Jaguar, Jeep, Ram, and Dodge, which boast inventory levels more than double the national average.
Here’s a look at the new car brands with the highest inventory today:
Make
Market Day Supply
Total For Sale (New)
Dodge
363
80,620
Ram
281
130,129
Chrysler
237
19,517
Jeep
230
187,872
Volvo
188
35,062
Jaguar
183
4,241
Lincoln
183
37,643
Nissan
143
190,847
Buick
131
45,171
Volkswagen
130
78,923
In contrast, brands like Honda, Toyota, Kia, Subaru, and Lexus find themselves on the other end of the spectrum, with the lowest supplies. However, we’ve come to expect this from the popular Asian brands, especially post-pandemic.
These are the new car brands with the lowest inventory today:
Make
Market Day Supply
Total For Sale (New)
GMC
112
101,997
Subaru
109
126,870
Acura
105
28,894
Chevrolet
96
280,181
Cadillac
80
25,469
Kia
72
101,482
Lexus
68
55,621
Mazda
63
101,523
Honda
61
160,106
Toyota
48
265,975
The Used Car Conundrum
The used car market tells a different story. Although used car inventory levels are 6% higher than where the market stood in early 2023, things seem to be returning to our new normal. Used car prices remain far higher than historical norms, but prices have gradually come down over the past year. We track used car prices weekly here.
Ironically, you can blame the NEW car market for used car price woes. The average price paid for a new car in 2024 is $48,000, which is 48% higher than one decade ago.
Resale values are closely tied to used car prices for obvious reasons. Volatility in resale prices has been on the rise, with some segments (such as EVs and luxury crossovers) depreciating much more rapidly than just a few years ago. The result is more drivers holding on to their cars instead of selling them in today’s used car market.
Another result of volatile used car prices is dealer’s hesitation to take on new used inventory at wholesale auctions. Ray noted that “Floorplanning costs are high, and the smart money often realizes that there’s too much risk with taking on more used inventory if used car values are fluctuating so much.” In other words, when dealers turn away used inventory, prices are artificially kept at higher levels. That’s not good for used car buyers, but is a well-known strategy among car sellers.
Ray’s Spring 2024 Buying Advice
For those eyeing a new car this spring, our advice is to steer clear of market adjustments, and be willing to hunt for low APR offers. It’s becoming a buyer’s market for most makes and models, offering a prime opportunity to negotiate favorable deals, even among brands traditionally known for tight inventory.
Brands like Mazda, Subaru, and Nissan stand out as representing fair value in today’s market.
New Car Market Rating
It’s a fine time to buy a new car. With rising inventory levels and attractive financing options, buyers are in a strong position to negotiate great deals.
Used Car Market Rating
It’s a difficult time to buy a used car. The combination of high new car prices, volatile used car values, and cautious dealership inventory strategies makes finding a good deal on a used car more challenging than usual. And then there are the used car loan rates, which remain at 20-year highs.
In conclusion, the Spring 2024 car market offers a mixed bag of opportunities and challenges. For new car buyers, the time is ripe to leverage high inventory levels and low APR financing deals. On the flip side, used car shoppers will need to navigate a more complex market with caution. As always, being informed and prepared is key to making the best decision for your situation.
Remember, your CarEdge consumer advocates are always here to offer assistance. Learn more about how we can help. Don’t forget to download your free car buying guides below!
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Finding the perfect vehicle can be a daunting task, especially with the multitude of options available. We’re here to simplify this process for you with a deep dive into the latest market offerings, from traditional trucks and SUVs to the latest EVs and plug-in hybrids. Here’s our curated list of the top 10 best vehicles to consider in 2024, alongside a cautionary guide on the 10 models you might want to steer clear of.
The Best Deals: 0.9% APR for 36 months, with additional offers for longer terms. Lease the new CX-50 from just $278/month. Learn more about CarEdge exclusive deals.
Highlights: Known for affordable practicality paired with all-wheel drive, the CX-50 offers plenty to love. The CX-50 excels in fuel efficiency and driving experience. With high ground clearance, this crossover is ready for snow or light off-roading. The 2024 CX-50 also has above average reliability ratings, scoring 68 out of 100 in Consumer Reports testing.
Highlights: The Trax is an amazing value, especially with the new and improved looks that were introduced in 2023. In 2024, the Trax offers enhanced legroom, a turbo engine for improved performance, and a quieter cabin, making it an exceptional value at a bargain of a price.
The Best Deals: Lease from $423/month, or finance from 1.9% APR for 60 months. There’s also a $3,000 cash offer, and MSRPs dropped in February. With 525 days of supply, clearly Ford needs to sell these EVs ASAP, as many 2023s remain in stock as we approach spring. Learn more about CarEdge exclusive deals.
Highlights: The electric Mustang Mach-E stands out with a range of 310 miles (RWD) or 290 miles (AWD), offering various trims tailored to different needs. There’s also a lightning-fast GT option. The Mach-E impresses with its quick performance and advanced features, despite stiff competition. It’s a sporty EV built for families and the track alike.
Highlights: America’s best-selling truck, the F-150 is known for its perfect blend of functionality and comfort. The F-150 Hybrid impresses with 24 MPG combined, while the F-150 Lightning leads as the top electric truck with up to 320 miles per charge. There’s an F-150 for every buyer.
Highlights: The 2024 Silverado features cutting-edge technology and a variety of powerful engines for enhanced towing and hauling. It stands out for its safety features and combines durability with versatility, appealing to truck enthusiasts. Today’s 72 month financing offer is too good to pass up if you’re thinking about buying a Silverado in 2024.
Highlights: The CX-5 shares many features with the CX-50 but offers a more premium design. Both models feature a standard 2.5-liter SkyActiv-G engine and boast a 5-star NHTSA safety rating. Consumer Reports also gives it above-average reliability ratings.
Highlights: The word “bargain” doesn’t typically go hand-in-hand with the BMW brand. However, for those BMW fans looking for a budget-conscious entry into the brand, the X2 presents a great value in the luxury crossover segment.
Highlights: The Dodge Hornet, Dodge’s first all-new model in nearly a decade, borrows heavily from the Alfa Romeo Tonale, offering a fresh entry in the compact SUV segment with a 268-hp turbocharged engine and all-wheel drive.
The Best Deals: 0.9% APR for up to 36 months and $1,000 cash offer, + $1,500 bonus for new Mazda customers
Highlights: The all-new CX-90 elevates Mazda into the luxury 3-row segment. Showcasing Mazda’s premium ambitions, the CX-90 offers enhanced luxury features in its top trims, borrowing aesthetic cues from the CX-50 and MX-30 for its handsome styling and refined cabin design.
The Best Deals: Finance at 0% APR for 60 months, or lease the Pacifica plug-in hybrid for $429/month
Highlights: Revolutionized van design with Stow ‘n Go seating offers versatility with a standard V-6 engine. This is no slowpoke. A plug-in hybrid variant boasts 540 miles of range. With high inventory, the Pacifica PHEV is a highly negotiable fuel sipper that can save you a lot on gas over the long haul.
Why: It’s not smart to spend $37,000+ on a sedan that has hardly changed in a decade. The Chrysler 300 has officially ended production, having been discontinued last year. Now, Chrysler parent company Stellantis is left wondering what to do with thousands of unsold 300s on dealer lots nationwide.
Typically, high lot inventory means high negotiability. That may be the case with these last Chrysler 300s. But are you sure you want to get stuck with an overpriced sedan filled with aging technology in the era of crossovers? Not to mention a discontinued sedan? Expect resale values to fall like a rock the minute you drive off the lot.
Why: The Carnival is a great van, but it’s a sellers market for this popular Kia. There’s a tight supply of new Kia Carnivals in America. If you’re hoping to negotiate a sweet deal, you’re better off looking elsewhere. The Carnival is uniquely stylish and superbly built for function, but that’s precisely why it’s so in demand right now.
Plus, Kia isn’t offering any attractive incentives for the Carnival as of this month. If you’re in search of a deal on a new van, we recommend test driving the much more negotiable Honda Odyssey.
Why: Consumer Reports ranks the 2024 Lincoln Aviator as one of the least reliable cars you can buy. For 2024, CR rated the Aviator 35 out of 100 for reliability. When you’re paying a premium price, you should expect average reliability at the very least.
And then there are the deals, or lack thereof. This month, Lincoln’s best offer is 6.9% APR. That’s far from a good deal, even in today’s high rate environment. Considering that you’d be spending well north of $55,000 for a new one, this is a poor choice for most money-conscious buyers.
Why: Everything seems to be working against you if you’re in the market for a new Escalade, especially the larger Escalade ESV. First of all, Cadillac does not offer any advertised incentives for either Escalade variant. Supply is slim at just 41 days, with some regions having even lower supply. The result: low negotiability and poor financing offers on a $82,000+ luxury SUV.
Why: Something is holding back production of the Chevrolet Colorado. After selling 71,000 copies in 2023, there are only 1,665 new Colorado’s for sale in America today. This extremely slim supply means that dealers have the upper hand in negotiations. Fortunately, there are other options in the small truck segment today.
Why: It’s a shame, because the Blazer EV is the best-looking Chevrolet to arrive in years. In December, GM issued a stop-sale on the new Chevy Blazer EV, just four months after orders were opened, due to a software issue. Nearly two months after the initial suspension, sales of the Chevy Blazer EV remain halted, with GM’s CEO Mary Barra emphasizing that 2024 is the “year of execution” for the automaker to recover.
Reviewers generally like the Blazer EV, but at $60,000 before incentives, smart EV buyers will want to wait as GM gets its act together.
Why: The Kia Niro EV is the most overpriced electric car on the market in 2024. Pricing starts at $41,000, but has more in common with sub-$30,000 electric cars.
The Niro EV doesn’t look bad, but it fails where it counts in an EV: charging and performance. For almost the same price as the tremendously better Kia EV6, you get double the charge times, less interior space for passengers and cargo, and zero performance-oriented qualities that make most EVs fun to drive.
Why: We can’t recommend this plug-in hybrid for two reasons: price and reliability. Even without the added complication of a plug-in hybrid powertrain, the Grand Cherokee already scores poorly on Consumer Reports reliability ratings, earning just 26 points out of 100. When you consider that the Grand Cherokee 4xe starts at $25,000 more than the all-gas Grand Cherokee, upgrading to the 4xe starts to sound absurd.
If you’re looking for fuel savings, consider going fully electric for about the same price with the all-new Kia EV9 three-row electric SUV.
Why: About 1,000 VinFast electric SUVs have been delivered in the United States so far. Early reviews sound the alarm about faulty driver assistance and infotainment, along with inconsistent charging speeds and a noisy cabin at highway speeds. The electric SUV segment has doubled in size over the past three years. We wish VinFast the best of luck with getting back on track, but for now, EV shoppers should look elsewhere.
Why: The Nissan Pathfinder struggles with significant depreciation and reliability issues, facing tough competition from the Hyundai Palisade and Kia Telluride, which both outperform it in terms of reliability and value retention over time.
Armed with these insights, you’re well-equipped to make an informed decision. Whether you’re drawn to the latest EVs, full-size trucks, or the best family-haulers, it’s important to remember that the best choice is one that aligns with your unique needs, preferences, and lifestyle.
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Hyundai prices have risen 46% since 2018, amounting to price tags that are $11,591 higher on average. Both Hyundai and sister brand Kia have raised prices more than most car brands in America (Jeep being an exception). Hyundai’s recent price hikes exceed historical norms for car price inflation by a long shot. Overall, new car prices in America have risen 28% over the same period.
In 2024, the average selling price of a new Hyundai is $35,445, more than $10,000 higher than where average prices stood one decade ago. Could Hyundai’s price hikes be to blame for the brand’s plateau in US market share?
Similar to Toyota and Kia, could Hyundai’s pricing be too high, putting the brand in competition with premium car brands? Which Hyundai prices have risen the most? We’ll answer these questions and more. Plus, we’ll take a closer look at Hyundai’s five best-selling models.
Hyundai’s Sales Climb 20% As Prices Rise Dramatically
Is it the power of the product, or simply more car buyers accepting the reality that car prices just aren’t what they used to be?
Hyundai’s US sales have been climbing for most of the past five years. The pandemic did hit Asian automakers particularly hard, leading to a serious slump in production. However, production is back up and running, and Hyundai sales are rebounding, with a large jump in 2023.
Hyundai reported US sales climbing from 667,634 in 2018 to 801,195 cars sold in 2023. Hyundai has been gaining market share for most of the past decade. Here’s a look at sales trends in recent years:
And here’s Hyundai’s US market share. Note the slight dip in 2023 as Toyota, Honda, Mazda, and sister OEM Kia all battle for the same portion of the new car market.
Over the same period, Hyundai’s average transaction price rose from $24,993 in 2018 to $36,584 in 2023, a price increase of 46 percent.
This is one of the biggest price increases in the industry. Hyundai says it’s aiming for more premium buyers, but are shoppers willing to pay nearly 50% more for the Hyundai brand? It looks likely considering Hyundai’s continued growth in America.
Next, we’ll take a look at Hyundai’s average selling prices over time. We’ve also included the overall market trends for comparison’s sake.
Now, let’s look at how Hyundai’s five best-selling models in America have fared when it comes to sales and price trends.
Hyundai Tucson
Last year, Hyundai sold 209,624 Tucson’s in America. That’s up 20% from 2022. However, Tucson prices have risen 15% in the past five years. Here’s a look at Hyundai Tucson price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.
In 2024, CarEdge Data shows that the average transaction price for a new Hyundai Tucson is $34,788.
Last year, Hyundai sold 134,149 Elantra’s in America. That’s up 14% from 2022. However, Elantra prices have risen 17% in just five years. Here’s a look at Elantra price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.
In 2024, CarEdge Data shows that the average transaction price for a new Hyundai Elantra is $25,971. Consider this: in 2019, not a single Elantra trim started over $25,000.
Last year, Hyundai sold 131,574 Santa Fe’s in America. US Santa Fe sales were up 10% year-over-year in 2023. However, Santa Fe prices have risen 30% in just five years. Here’s a look at Santa Fe price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.
In 2024, CarEdge Data shows that the average transaction price for a new Hyundai Santa Fe is $37,830.
Last year, Hyundai sold 89,509 Palisades in America. Palisade sales were up 8% year-over-year in 2023. Palisade prices have risen more slowly than most other models, with prices rising 16% in five years. Here’s a look at Palisade price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.
In 2024, CarEdge Data shows that the average transaction price for a new Hyundai Palisade is $50,367.
Last year, Hyundai sold 79,116 Kona’s in America. Kona sales were up 24% year-over-year in 2023. Kona prices have risen 16% in just five years, but it remains one of the most affordable crossovers on sale. Here’s a look at Hyundai Kona price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.
In 2024, CarEdge Data shows that the average transaction price for a new Hyundai Kona is $29,530.
Be sure to check back for the latest Hyundai price data next month. In 2024, it’s a buyer’s market for the first time since the pandemic.
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Toyota prices have risen 19% since 2018. Today, Toyota MSRPs are $6,124 higher on average. It’s true that Toyota prices haven’t climbed as drastically as other car brands (notably Jeep), but the price hikes still exceed historical norms for car price inflation. Overall, new car prices in America have risen 28% over the same period.
Could Toyota’s rising prices be to blame for the brand’s declining sales? Is the brand pricing for a market that’s simply too premium for Toyota’s reputation? Which Toyota prices have risen the most? We’ll answer these questions and more. Plus, we’ll take a closer look at Toyota’s best-selling models.
Jeep’s Sales Fall 34% As Prices Rise
I think most automotive analysts would agree that Toyota Motor North America (TMNA) is doing just fine these days. Revenue and profits were both higher in 2023. But it’s not all good news, even as the brand has reached record market share.
Toyota’s US sales have been struggling to climb for most of the past five years. Yes, there was the pandemic and the ensuing parts shortage. Japanese automakers were hit particularly hard by the semiconductor chip shortage of 2021-early 2022. But even in 2023, the closest year we’ve had to a ‘normal’ year in a while, Toyota’s sales were essentially flat, and market share fell from 2022’s highs.
Toyota reported sales dropping from 2,128,263 in 2018 to 1,928,228 cars sold in 2023. For the first time in several years, Toyota’s market share in America fell in 2023.
Over the same period, Toyota’s average transaction price rose from $32,168 in 2018 to $38,298 in 2023, a price increase of 19 percent.
Toyota’s U.S. market share was steadily climbing as the brand conquered competitors like Chevrolet, Ford, and even Honda to an extent. That all ended in 2023, when Toyota’s market share took a slight dip. The leading theory for why this happened is that Hyundai and Kia’s rising popularity are a force to be reckoned with.
Could rising prices be to blame for stagnant sales, or is Toyota facing more competition from the likes of Kia and Hyundai? It’s likely a combination of these and other factors. Let’s take a look at Toyota’s average selling prices over time. We’ve also included the overall market trends for comparison’s sake.
Inflation is hitting everyone, including OEMs like Toyota. Clearly, Toyota has shielded their customers from the worst of car price inflation when compared to the industry average. Nevertheless, Toyota prices are climbing.
There’s another reality that has undoubtedly played into Toyota’s rising prices. As more buyers choose SUVs, crossovers, and even trucks (as is the trend these days), naturally, average transaction prices will rise. Larger vehicles almost always cost more than sedans.
Now, let’s look at how Toyota’s five best-selling models in America have fared when it comes to sales and price trends.
Toyota RAV4
Last year, Toyota sold 434,943 RAV4’s in America. That’s up 8.8% from 2022. However, RAV4 prices have risen 11% in the past five years. Here’s a look at RAV4 price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.
In 2024, CarEdge Data shows that the average transaction price for a new Toyota RAV4 is $37,053.
Last year, Toyota sold 290,649 Camry’s in America. That’s up 1.5% from 2022. However, Camry prices have risen 6% in just five years. Here’s a look at Camry price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.
In 2024, CarEdge Data shows that the average transaction price for a new Toyota Camry is $32,256.
Last year, Toyota sold 232,370 Corolla’s in America. US Corolla sales were up 4.5% year-over-year in 2023. However, Corolla prices have risen 12% in just five years. Here’s a look at Corolla price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.
In 2024, CarEdge Data shows that the average transaction price for a new Toyota Corolla is $25,169.
Last year, Toyota sold 234,768 Tacoma’s in America. Tacoma sales were DOWN 1.1% year-over-year in 2023. However, rising prices could be to blame. Tacoma prices have risen 20.6% in five years. Here’s a look at Tacoma price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.
In 2024, CarEdge Data shows that the average transaction price for a new Toyota Tacoma is $41,196.
Last year, Toyota sold 125,185 Tundra’s in America. Tundra sales were up 20% year-over-year in 2023. Tundra prices have risen 26.3% in just five years, the biggest price increase of any Toyota model. Looking at sales stats, truck buyers don’t seem to mind. Here’s a look at Toyota Tundra price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.
In 2024, CarEdge Data shows that the average transaction price for a new Toyota Tundra is $64,191.
Be sure to check back for the latest Toyota price data next month. In 2024, it’s a buyer’s market for the first time since the pandemic.
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