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FEBRUARY DAYS’ SUPPLY OF INVENTORY BY BRAND
The hot car market is starting to simmer down. After months of limited selection and sky-high prices, new vehicle inventory in the U.S. is finally on the rise. March saw dealerships stocked with a 76-day supply of unsold cars, a significant jump from both last year and even February this year. This translates to a whopping 2.74 million vehicles on dealer lots – a 52% increase year-over-year!
While sales remain healthy, exceeding those of last March by 12%, the scorching pace of earlier months seems to be cooling off. This, combined with the rising inventory, is bringing some relief to car shoppers. The average transaction price of a new car in February dipped by 2.2% compared to the same period last year, and a significant 5.4% from its peak in December 2022.
So, what does this mean for you? Finding the car you want might still be easier said than done, especially for popular models like the Toyota Grand Highlander. However, with domestic automakers currently having the most well-stocked lots (Dodge leading the charge!), there's a good chance you'll have more options to choose from. Additionally, dealers are now offering sweeter deals, with average discounts reaching 5.9% of the average transaction price – a welcome change from the past year's stingier offers.
The takeaway? The car market is shifting gears. While some popular models might still be elusive, the era of limited selection and inflated prices seems to be nearing its end. This is great news for car buyers who've been waiting patiently for a chance to snag a good deal on their dream ride.
Source: Cox Automotive
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