New Car Price Trends in 2024 (July Update)

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Last updated Jul 1, 2024

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.

New Car Prices – July 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.

new car price trends in 2024

According to the most recent data from Cox Automotive, the average transaction price for new cars is $47,433. That’s down 0.2% year-over-year, but up 0.5% since last month.

Month-YearAverage 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. As of the most recent data from March, luxury vehicle prices have dipped 7.4% year-over-year.

On the flip side, non-luxury vehicles have seen a price increase of less than 1% YoY. The average price for new non-luxury vehicles in March 2024 was $44,052.

We track used car prices weekly. See this week’s used car price update.

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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