Car sale statistics 2024
The majority of American households rely on motor vehicles for their transit needs, which range from daily commuting and running errands to moving and traveling. But while the U.S. sees millions of cars bought and sold each month, navigating the automotive market comes with various challenges and questions, including whether to buy a new or used vehicle, determining when to make a purchase and finding the right car warranty.
There were more than 1.4 million new vehicles sold in the U.S. in May 2024.
Jump to insightUsed vehicle sales dominate the auto market, typically accounting for about three-fourths of U.S. vehicle sales each year.
Jump to insightNew vehicle prices in May 2024 were 20.5% higher than they were five years earlier.
Jump to insightGeneral Motors was America’s top-selling vehicle manufacturer in 2023, with nearly 2.6 million vehicle sales in the U.S.
Jump to insightThere are nearly 17,000 franchised light vehicle dealerships in the U.S.
Jump to insightCar sales statistics
Car sales in the U.S. tend to fluctuate with the performance of the U.S. economy, typically declining during recessions. But vehicle prices have risen significantly over the past few years.
Despite the annual changes in total vehicle sales and average car prices, car ownership remains commonplace across the U.S. As of 2022, nearly 92% of occupied American households reported having at least one vehicle. Nearly 22% of households reported having at least three vehicles.
New vehicles sold over time
In May 2024, there were more than 1.4 million new vehicle sales in the U.S., a 5% increase over the May 2023 total and more than a 29% increase over the May 2022 total of roughly 1.1 million new vehicle sales.
Vehicle sales recently plummeted during the COVID-19 pandemic, with new vehicle sales in 2022 dropping to their lowest levels since 2011 amid a semiconductor microchip shortage and other supply chain disruptions. Sales rebounded in 2023, however, and have continued to rise into 2024.
Projections as of May 2024 indicate that there will be more than 16 million new light vehicle sales this year, up from about 15.5 million in 2023, though still behind pre-pandemic levels.
Do people buy more used or new cars?
Significantly more used cars than new cars are sold each year, though data on used car sales — which may take place outside typical retail channels — is more limited.
Similarly to sales of new cars, sales of used vehicles fell significantly during the Great Recession before climbing up again in the late 2010s. In 2019, used vehicle sales in the U.S. totaled more than 40.8 million — outpacing the 12.8 million sales of new vehicles by a nearly 3-1 margin. Used vehicle sales made up between 73% and 76% of total U.S. vehicle sales each year from 2015 to 2019.
A major factor behind the higher demand for used vehicles is the significant price difference between new and used cars. In the first quarter of 2024, the average price for a new vehicle transaction was $46,992, a difference of over 73% from the $27,113 average used vehicle transaction price.
New vehicle Consumer Price Index over time
While new car prices remained relatively steady for years across the 2000s and 2010s, they spiked following the COVID-19 pandemic as supply chain issues squeezed the vehicle market.
Between January 2000 and January 2021, the Consumer Price Index (CPI) for new vehicles increased by just 4.2%. But between January 2021 and May 2024, the CPI for new vehicles rose by 19.1%, with prices climbing to record highs in late 2023.
Inflation has affected the used vehicle market even more significantly than the new vehicle market, as prices for used cars and trucks increased by more than 33% between January 2020 and May 2024. That said, used vehicle prices have dropped from peaks in mid-2022.
Aside from the high vehicle prices, the average annual percentage rate for new auto loans remained above 7% in the first quarter of 2024, which limits consumer appetite for new vehicles.
With the growth of both vehicle prices and loan interest rates, auto loan debt continues to climb, and many Americans are struggling to make their auto loan payments. Between the start of 2013 and the first quarter of 2024, American consumers’ auto loan debt has more than doubled, jumping from $790 billion to more than $1.6 trillion.
Sales data by car manufacturers
General Motors, a Detroit-based manufacturer that produces Chevrolet, GMC, Cadillac and Buick vehicles, topped the list of the highest-selling auto manufacturers in America in 2023.
With nearly 2.6 million units sold in 2023, General Motors ranked first in U.S. light vehicle sales, followed by Japanese manufacturer Toyota, which sold more than 2.2 million vehicles in the U.S. Rounding out the top five in light vehicle sales were Ford, Hyundai and Stellantis.
How many car dealerships are there?
There were 16,835 franchised light vehicle dealerships in the U.S. in 2023. Those franchised car dealers sell vehicles for a specific manufacturer, but a network of 60,000 independent dealers also contributes to the hefty used car market.
While the U.S. is seeing a rise in online vehicle purchases from retailers without typical showrooms or lots, the number of dealers has remained steady overall in recent years.
FAQ
Are U.S. car sales declining?
Since plummeting in the wake of the COVID-19 pandemic amid supply chain challenges, new vehicle sales have rebounded in the U.S., with more than 1.4 million sold in May 2024 — an increase of more than 29% over May 2022. Still, current vehicle sales lag behind pre-pandemic totals.
Who sells the most cars in a year?
In 2023, General Motors was the top-selling vehicle manufacturer in the U.S., with nearly 2.6 million light vehicles sold stateside. General Motors was followed by Japan-based Toyota with about 2.2 million sold.
What is the most popular car in the U.S.?
The Ford F-Series, headlined by the Ford F-150, is the best-selling car model in the U.S.
Are car prices increasing?
While prices for new and used cars declined moderately in early 2024, they remain significantly higher than they were just four years ago, with new vehicle prices in May 2024 up 20.5% over prices in May 2019. Prior to that, vehicle prices had remained mostly steady throughout the 21st century.
References
- “USA - Automotive Sales volume, 2024.” MarkLines. Evaluated June 19, 2024.Link Here
- “New and Used Passenger Car and Light Truck Sales and Leases.” Bureau of Transportation Statistics. Evaluated June 19, 2024.Link Here
- “Consumer Price Index for All Urban Consumers: New Vehicles in U.S. City Average.” Federal Reserve Bank of St. Louis. Evaluated June 19, 2024.Link Here
- Carlier, M. “Light vehicle sales in the United States between January and December of 2022 and 2023, by manufacturer.” Statista. Evaluated June 19, 2024.Link Here
- “NADA Data.” National Automobile Dealers Association. Evaluated June 19, 2024.Link Here
- “Physical Housing Characteristics for Occupied Housing Units.” U.S. Census Bureau. Evaluated June 20, 2024.Link Here
- “NADA Issues Analysis of 2022 Auto Sales and 2023 Sales Forecast.” National Automobile Dealers Association. Evaluated June 20, 2024.Link Here
- “Cox Automotive Forecast: U.S. Auto Sales Expected to Finish 2023 Up More Than 11% Year Over Year, as General Motors Retains Top Spot, Hyundai Motor Group Jumps Past Stellantis.” Cox Automotive. Evaluated June 20, 2024.Link Here
- Carlier, M. “Light vehicle retail sales in the United States from 1976 to 2023.” Statista. Evaluated June 20, 2024.Link Here
- Drury, I. “They’re Back: Holdout Car Buyers Return to Showrooms in Droves in Q1.” Edmunds. Evaluated June 20, 2024.Link Here
- Jansen, D., & Sinha, S. “Price Trends for New and Used Cars.” Texas A&M University Private Enterprise Research Center. Evaluated June 20, 2024.Link Here
- “Elevated Auto Loan Rates Hinder New- and Used-Car Shoppers in Q1 2024, According to Edmunds.” Edmunds. Evaluated June 20, 2024.Link Here
- “Consumer Price Index for All Urban Consumers: Used Cars and Trucks in U.S. City Average.” Federal Reserve Bank of St. Louis. Evaluated June 20, 2024.Link Here
- Haughwout, A., et al. “Auto Loan Delinquency Revs Up as Car Prices Stress Budgets.” Federal Reserve Bank of New York. Evaluated June 20, 2024.Link Here
- “HOUSEHOLD DEBT AND CREDIT REPORT (Q1 2024).” Federal Reserve Bank of New York. Evaluated June 20, 2024.Link Here
- “Most popular cars in America.” Edmunds. Evaluated June 20, 2024.Link Here
- “Commentary: Independent Dealers are Poised to Thrive as Driving Force in Recovery.” Cox Automotive. Evaluated June 20, 2024.Link Here
- Carlier, M. “Market size of online car dealers in the U.S. between 2019 and 2022.” Statista. Evaluated June 20, 2024.Link Here
- Carlier, M. “Number of light vehicle dealership outlets in the United States between January 1, 2009 and 2022.” Statista. Evaluated June 20, 2024.Link Here
Figures