According to Cox Automotive, used vehicle prices in 2024 will show only a 0.5% increase from December 2023.
During the COVID-19 pandemic, when supply chain problems led to record low auto availability,
prices dropped 7% in 2023 and nearly 15% in 2022. A report by Cox Automotive, based on prices at U.S. wholesale
auctions, predicts less volatility in 2024, although seasonality will affect prices slightly.
The used vehicle market remains out of balance despite stabilization. There was a 3.9% decrease in the-
average listing price last month, down from $26,091 a year earlier.
In used vehicle retail sales, 19.2 million vehicles will be sold, a decrease of less than 1%. New car-
and truck sales in the U.S. are forecast to increase by 1.3% to 15.7 million units.
Assuming modest growth of 1% to 2%, new supply should return to spring 2020 levels, helping-
consumers and bringing down prices, according to Cox Automotive Chief Economist Jonathan Smoke.
In 2024, more than 1.1 million electric vehicles will be sold, exceeding 10% of retail sales of new vehicles.