Data from the Cox Automotive family of companies shows the new-vehicle sales and finance market is gaining momentum entering the final selling days of 2024. U.S. dealers sold more than 1.1 million new units in November, a 6.5% improvement from an already strong October.

Listing prices continued to inch up, averaging $48,978 in November, up 1.8% from October and 2.8% year-over-year. Transaction prices also increased by 1.8% month-over-month to an average of $48,273 in November, nearly 3% higher than November 2023.

Analysts pulled data for the Toyota RAV4, Toyota Camry and Honda CR-V — three of the nation’s five bestsellers — and found a significantly lower average listing price ($36,716) and correspondingly low days’ supply of 35, less than half the overall average of 85.

Manufacturer incentives helped make increasingly expensive vehicles more affordable, Cox Executive Analyst Erin Keating said, noting that average incentive spending reached 8% of average transaction price, up from 7.8% in October and nearly 51% higher year-over-year.

“Given the cost of producing vehicles in a diverse and complex market like the U.S. shows no sign of easing, 2025 could see more of the same,” Keating wrote. “The good news story is that incentives continue to climb, wages are growing steadily, loan rates are decreasing, signaling that affordability is improving even if prices remain high.”

In an earlier report, the Dealertrack Credit Availability Index found a “notable improvement” in auto credit access. The Cox company’s all-loans index reached 95.4%, its highest level since October, buoyed by an approval rate that grew by 60 basis points, as well as a decreasing subprime loan share and fewer transactions involving negative equity.

Read more at Cox Automotive