J.D. Power recently released its Automotive Market Metrics report for August, which revealed the percent of total transactions over the past 12 months for new and used vehicles shifting from previous months.
Dealers in Canada may see similarities from July’s report when considering the August update shows that loans represented 50% of new vehicle transactions, while lease and cash payments were split at 25% each. For used vehicles, loans represented 53%, cash 45%, and leases just 2%.
For monthly payments on average per customer, new loans hovered around $880 and new leases were under $800 but over $770. And the percent of the new vehicle loan term for 84 months and greater slipped to 54% from higher levels this past summer, spring, and most winter months in 2024.
As for days to turn, dealers will find that in August it reached 50-55 for new vehicles (similar to the prior month), and over 80 days for used vehicles (an increase from July). Auto retailers may also note that the new vehicle price hovered just above $48,000 in August, while the transaction (or customer facing price) was slightly below $46,000 — all based on data from the JDPA PIN Incentive Spending Report (ISR).
J.D. Power’s metrics report also reveals the percentage of negative equity vehicles (at trade in) at 20% for August, which is similar to the prior month. For trade in, that figure sits at around 42.5%, also similar to July.
