{"id":1089,"date":"2024-10-30T11:54:54","date_gmt":"2024-10-30T11:54:54","guid":{"rendered":"https:\/\/www.autobuyersmarket.com\/news\/?p=1089"},"modified":"2025-05-05T10:25:26","modified_gmt":"2025-05-05T10:25:26","slug":"in-q3-of-2024-price-gap-between-new-used-cars-exceeds-20000-for-first-time","status":"publish","type":"post","link":"https:\/\/www.autobuyersmarket.com\/news\/2024\/10\/30\/in-q3-of-2024-price-gap-between-new-used-cars-exceeds-20000-for-first-time\/","title":{"rendered":"In Q3 of 2024, Price Gap Between New, Used Cars Exceeds $20,000 for First Time"},"content":{"rendered":"\n
\"Used
The number of brand-new cars available on the market has been increasing since hitting a low point due to supply chain issues during the COVID-19 pandemic. File photo: Gunter Nezhoda, Shutter Stock, licensed.<\/em><\/figcaption><\/figure>\n\n\n\n

WASHINGTON, D.C. – An interesting development has occurred in the automotive field, with the prices of new cars continuing to climb \u2013 and, in contrast, the used market becoming more and more affordable \u2013 with the average price gap between new and used vehicles in the third quarter of 2024 exceeded $20,000 for the first time ever<\/a>.<\/p>\n\n\n\n

The number of brand-new cars available on the market has been increasing since hitting a low point due to supply chain issues during the COVID-19 pandemic. And while the inventory of new vehicles has continued to grow \u2013 resulting in an overall slowdown in sales \u2013 prices have nonetheless increased, and that phenomenon is having a trickle-down effect upon prices in the used vehicle market.<\/p>\n\n\n\n

The average price of a used vehicle in the United States is currently $27,177; this represents a 6.2 percent decrease year-over-year when compared to the average in Q3 2023, when that price was $28,960. In addition, the number of days that a used vehicle sits on the lot before it is sold in Q3 2024 was 36 days, which represents a mere one-day increase year-over-year.<\/p>\n\n\n\n

Experts note that falling prices of used vehicles<\/a> is a positive sign for the overall health of the industry; however, things are still significantly more expensive than they were prior to the pandemic, as in Q3 2019, the average price of a used car was just $20,683, which is a whopping 31.4 percent lower than today\u2019s current average.<\/p>\n\n\n\n

The big question for those hoping to buy a vehicle these days, either new or used, is that the pricing gap between the two markets exceeded $20,000 in Q3, the widest margin ever recorded in the industry\u2019s history. The average price for a new vehicle transaction during that period of time was $47,542, as opposed to the aforementioned used average of $27,177, a difference of $20,365.<\/p>\n\n\n\n

Therefore, depending on your budget, it\u2019s best to consider the pros and cons of buying new vs. used, and which option makes the most sense for your wallet.<\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON, D.C. – An interesting development has occurred in the automotive field, with the prices of new cars continuing to climb \u2013 and, in contrast, the used market becoming more and more affordable \u2013 with the average price gap between new and used vehicles in the third quarter of 2024 exceeded $20,000 for the first time […]<\/p>\n","protected":false},"author":4,"featured_media":158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-1089","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-updates","entry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\n\t\t\n