New-vehicle prices fell in January with weaker retail demand. Incentives relative to price reached the highest level since July 2021. Discounting relative to the manufacturer’s suggested retail price (MSRP) has decreased slightly to nearly half of what it was in 2019 after being nonexistent a year ago.

Used-vehicle prices were flat again in January, as used retail sales in January improved over December but were down slightly year over year with harsher winter weather this year.

Consumer credit growth slowed significantly in December as consumers pulled back on all types of credit. Access to auto credit declined in January as credit tightened across all channels and across most lender types, according to the Dealertrack Credit Availability Index published this morning.

Auto loan performance deteriorated in January as delinquencies and defaults increased.

Automotive Market Weekly Summary Link (5-min read): https://www.coxautoinc.com/market-insights/auto-market-weekly-summary-02-12-2024/.