Reynolds and Reynolds’s latest Automotive Brand Retention and Defection Report delivers a mixed message: While 43.9% of 2024 U.S. new vehicle sales were repeat purchases, up slightly from 2023’s 43.7%, the majority of brands — 24 of the 38 included in the study — saw their retention rates fall.

The study is based on deals that include trade-in units, tracking all brands for which at least 150 units were turned in last year. Toyota leads all brands with a 61.9% retention rate. Ferrari (58.1%), Lexus (55.8%), Honda (53.6%) and Lamborghini (52.3%) rounded out the top five. Bringing up the rear are Dodge (13.7%), Jaguar (12.6%) and Fiat (3.8%).

“Several factors, including increased new vehicle inventories, low used vehicle supply, high interest rates and an increase in incentives for buyers combined to dramatically influence market dynamics for automotive retailers in 2024,” the report states, in part.

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