New-Vehicle Buying Picks Up
Late-year shopping charged by incentives, post-election certainty, and ample supply.

The November seasonally adjusted annual rate was 16.5 million, the strongest pace since the spring of 2021.
Pexels/Attila Darvas
Buying new vehicles proved pricier for the second month in a row in November, though incentives grew even more to pump up sales, which were also aided by bigger inventories.
The average transaction price for the month totaled $48,724, up about 2% month-over-month and the highest of the year in a typical late-year surge, said Cox Automotive, which pointed out that luxury sales tend to pick up toward year’s end.
The ATP compared with the historical record of $49,926 in December 2022, based on Cox data.
At the same time, incentives have been growing more than vehicle prices, reaching 8% of the ATP, up slightly month-over-month for the fifth straight month of gains.
Plenty of vehicle selection drew more buyers. Inventory exceeded three million units for the first time since 2020, the year the pandemic ensued in the West.
New-vehicle sales, despite still-high prices, were consequently brisk, Cox said, at about 1.4 million units for a seasonally adjusted annual rate of 16.5 million and the strongest pace since the spring of 2021.
Along with incentives and plenty of supply, pent-up demand and consumer certainty following the November election fueled business.
“If sales volumes in November are any indication, we think 2024 will end on a positive note for the auto business,” said Cox Executive Analyst Erin Keating.
Originally posted on F&I and Showroom
More Industry

World EV Adoption Set to Grow
A new report says the segment, despite recent setbacks in some regions, is poised for acceleration as many countries look to reduce pollution.
Read More →
Black Book: Weekly Market Update
Wholesale automotive auction business stayed steady last week as bidders encountered lower prices, analysts observed.
Read More →
Pricing Transparency Drives Purchase Consideration
An annual study by JD Power found that clear pricing matters to consumers on automaker websites, so much so that it increases their purchase consideration.
Read More →
Black Book: Weekly Market Update
Used-vehicle market depreciation was the prevailing story in the wholesale market last week.
Read More →
Smaller Is Looking Better
A growing number of Americans in the market for a new vehicle are opting for more affordable options, not waiting for market stability to bite the bullet.
Read More →
U.S. EV Market Slowly Stabilizes
U.S. electric-vehicle interest is slowly stabilizing since a major dip in sales after last year's end of the federal EV tax credit, and hybrids remain the leading electrified power train.
Read More →
Global EV Market Entering New Phase
Automakers are making investments to lower battery costs and optimize production to meet changing consumer needs.
Read More →
Black Book Weekly Market Update
The holiday weekend, not surprisingly, put a drag on wholesale automotive activity last week, analysts observed.
Read More →
Auto Affordability in Context
Cox Automotive points out the complex circumstances that have led to eye-popping vehicle prices.
Read More →
Black Book: Weekly Market Update
Automotive auction inventory increased last week, giving choosy bidders even more leeway.
Read More →