The latest J.D. Power Automotive Market Metrics are in, showing the percentage of total transactions over the past 12 months, per vehicle type, at 25% cash for new vehicles, 25% for leases, and 50% for loans. For used vehicles, the numbers run higher: 53% for loans, 45% for cash, and 2% for leases.
Dealers will also find that, on monthly payments on average per customer, new loans reached around $860, while new leases hovered closer to $800. The total percent of the new vehicle loan term, for 84 months and greater, reached 53% in November — similar to October, and less than it was a year ago.
Days to turn continued its downward trend for used vehicles, dipping below 80, which is less than the past few months but about on par with data from November 2023. For new vehicles, that figure is up slightly above 50 in November, slightly above the prior month, and well above November 2023 when it hung below 40 days.
As for the new vehicle price versus the customer facing price, data from the JDPA PIN Incentive Spending Report (ISR) shows the vehicle price at $48,000 in November, and the transaction price around $45,000. And the percentage of negative equity is slightly up in November, above 20% (up from prior months and a year ago), while the trade-in percentage remains the same as months prior and November 2023 — around 42.5%
