The average new vehicle asking price dropped to below $47,000 last month. That’s still not cheap but is certainly better than the $50k average price a Toyota executive predicted last month.
But just because inventory is increasing does not mean all automakers and their dealers are in the same position. For example, luxury brands like Lexus, BMW, and Land Rover still hover below a 30-day supply. Foreign brands in general, including Toyota and Kia, are also under that 30-day mark, while domestic brands, led mainly by Stellantis, are doing better. Ram, for example, is at the top end of the spectrum with a 119-day supply, followed by Jeep and Chrysler. Even Buick, which is classified as luxury, is doing just fine with a 117-day supply.
Popular models like the Kia Telluride, Subaru Crosstrek, and Toyota RAV4 have less than a 30-day supply. But the Ram 1500 is at a 102-day supply, and the Ford F-150 and Chevy Silverado are hovering between 80 and 90 days. Given everything that happened during the pandemic, it’s incredible how quickly automotive production has recovered and continues to do so.