Supply Improves and Prices
Remain Steady But High Through
The First Half of 2024

As we take stock midway through 2024, we find a market that is both stable and evolving. Improving supplies* of new vehicles of all price ranges has eased pressure on the consumer to search for a car, while continuing high prices has caused shoppers a different form of angst.

The average price of a new vehicle rose from $37,790 in the first half of 2019 to $49,106 in the first half of 2024, an over $11,300 increase — a staggering amount for many people. At the same time, used-car prices have jumped from $21,480 to $28,815 since 2019, a 34% increase with little relief in sight, as used inventory* is down 18% in the same period.

For electric vehicle shoppers, the news is a mixed bag, with searches for new EVs up 930% and new EV supply* up 825% since 2019. But prices are also up as EVs become more sophisticated with extended range and popular body styles: In 2019, a new EV cost $40,729; today, that figure is about $63,468, a 56% increase.

Used EVs are in far greater supply today than in 2019, with marketplace inventory* up 493% for the first half of 2024 versus 2019. Coincidentally, the average price of a used EV today is $36,908, only about 10% less than a new one cost five years ago.

*A third party cyber incident impacted dealer inventory data beginning June 19, 2024.

Rebecca Lindland
Sr. Director of Industry Data and Insights, Cars Commerce