Another year has ended, and US auto sales remain strong, although they are noticeably below previous highs reached as recently as 2019. For the year, just under 16 million new vehicles were sold, up approximately 580,000 units over 2023. As always, there were winners and losers across the board. Read on and we will analyze the market and underscore important trends.
Here and There
For our report, we harvested information from GoodCarBadCar (GCBC) to support our analysis. That site offers excellent details about new vehicle sales and does so accurately. For 2024, GCBC reported 15,935,780 new vehicles sold, up from 15,357,841 in 2023. That is a difference of 577,939 units or a 3.76 percent increase year over year.
But sales remain below the 17-million-unit threshold, reached as recently as 2019 with 17.1 million models sold. The record is 17,547,028 units, accomplished in 2016. Therefore, there is ample opportunity to continue to grow sales over the coming years. What caused the recent downturn? The 2020 COVID crisis paired with a huge economic downturn. Even with an improved economy, consumers are cautious.
The Winner’s Circle
Once again, the Ford F-Series remains the most popular model sold in America. For 2024, sales rose by a healthy 11 percent on 834,641 units sold. In second place was another full-size pickup truck model, the Chevrolet Silverado. Sales increased negligibly to 560,265 units, but remain far behind the segment leader.
Third place goes to the Toyota RAV4, the most popular non-truck model in the US. The RAV4’s sales increased by 9 percent on 475,193 units sold. That is nearly double the Toyota Camry, which was once Toyota’s best-selling passenger vehicle. My have consumer tastes changed over the past two decades!
Fourth place belongs to another compact crossover, the Honda CR-V. Sales rose by 11.44 percent, with 402,791 units sold. The CR-V now outsells the Accord and Civic, this particular brand’s two popular car models.
Bringing up fifth place is the Ram 1500, with 373,118 units sold. However, sales were down sharply, falling 16 percent. Ram brand sales have fallen by more than 35 percent since peaking in 2019, for one of the worst performances on the market.
The next five positions were taken by Tesla Model Y on sales of 313,699 units, down 18 percent for the year. In seventh place was the midsize Toyota Camry sedan (309,875) followed by the full-size GMC Sierra pickup truck (298,698). Sales for both models were up for the year.
In ninth place was the Nissan Rogue (245,723) with sales down by 9.5 percent, followed by the Honda Civic (242,005), with sales up by nearly 21 percent. The Civic’s increase was noticeable, particularly as car sales continue to fall year after year. It should be noted that the Civic overtook the Toyota Corolla as America’s best-selling compact car for 2024.
Tesla’s Grip is Loosening
No doubt, Tesla is facing robust competition, even if its domination in the EV segment is not likely to disappear. On sales of 515,597 units, Tesla remains a formidable seller, but its US sales fell from 670,000 units in 2023, or down 23 percent for the year.
With electrified vehicle sales now approaching nearly 10 percent of the market, consumers continue to explore their options. However, EVs account for just 3 percent of the total, underscoring general malaise for these products. New models performing well include the Honda Prologue, Chevrolet Equinox EV, and the Kia EV9. More established models such as the Rivan RS1, Volkswagen ID.4, and Ford Mustang Mach-E are also available.
Ford Wins…But So Does GM
For nearly a half-century, the Ford F Series remains the best-selling full-size pickup truck model in the US. We are not likely to see any competitor overtake the F Series anytime soon. Perhaps never.
But Ford is not the only winner in the segment. GM can also claim a win as it sells more full-size pickup trucks than Ford. Indeed, when combining sales of the Chevrolet Silverado (560,265) with the GMC Sierra (298,698), we find 858,963 units sold. Thus, GM’s total beats Ford’s 834,641 units by 24,322 copies.
It should also be noted that GM routinely outsells Ford in the production of full-size SUVs. Under the Cadillac Escalade, Chevrolet Tahoe and Suburban, and GMC Yukon model lines, GM sold 278,622 vehicles. Add in the GMC Hummer EV and its 13,994 and that total rises to 292,616 units. The Ford Motor Company, under the Ford Expedition and Lincoln Navigator combine for 100,235 units sold. In conclusion, when it comes to full-size truck-based models, GM leads Ford by more than 200,000 units.
The Loser’s Circle
We have already mentioned Tesla’s drop and Ram’s fall. Tesla, though, is much better capitalized than Stellantis, owner of Ram, Jeep, Chrysler, and Dodge. Tesla has the ability to control prices, seemingly dropping them to boost sales without harming their bottom line.
Speaking of Stellantis, sales for all four US brands fell in 2024. Ram dived by 19 percent, while Jeep fell 9 percent. Chrysler sales were off at 7 percent, while Dodge sales plunged 29 percent. Add in Fiat and Alfa Romeo and the previous FCA USA LLC entity dropped by 15 percent. Falling sales with the Jeep Grand Cherokee, Dodge Durango, and Ram 1500 were big contributors.
Discontinuing the Chrysler 300, Dodge Charger, and Dodge Challenger, have also crimped sales with EV versions of the middle model just rolling out.
Another brand that is suffering is Nissan. The Japanese automaker reported sales up by 2.8 percent, but the company has underlying problems. Notably, those problems include its lack of hybrid models, a shrinking Infiniti brand, and an aging fleet. Also, Nissan must heavily discount its vehicle to maintain sales. Further, Nissan’s financial position globally is dire, which means we will soon see the company forging an alliance with Honda to bolster its flagging position.
Looking Back and Ahead
Besides the Dodge and Chrysler models, several other vehicles came to an end in 2024. These include the Infiniti Q50, Nissan Maxima, Jaguar F-Type, and the Toyota Venza. The Chevrolet Malibu, Kia Stinger, and Ford Edge are also gone. New models, though, include the Lexus GX550, Kia EV9, and the Cadillac Lyriq. We are seeing more EV models even as demand remains quite low.
Affordability remains an issue as the average transaction price is nearly $50,000. However, that average is tilted toward high-cost luxury and exotic models. There are still a handful of models priced under $25,000, with the subcompact Nissan Versa leading at $18,830. Besides the Versa, the Chevrolet Trax, Kia Soul, Hyundai Venue, and Nissan Sentra can all be had for under $25,000.
Looking ahead, we are likely to see some sweeping changes in the automotive industry, in part to the new Trump administration. We expect President Trump will relax some of the rules, including fleet mpg and electric vehicle tax credits. Further, the industry is bound to see consolidation with companies merging and some brands shuttered. However, we are not likely to see Chinese brands welcomed, as the industry seeks protection from low-cost models that are likely to flood the market. Consumers, though, may be the biggest losers as prices continue to rise, putting new vehicle affordability outside of the reach of most.
All in all, the market continues to evolve with segments rising and falling, and consumers looking for deals. As always, we recommend researching the options and including adding late-model used cars to your shopping list.
Further Reading
Are Electric Vehicles Becoming More Affordable?
Online Car Buying Tips and Tricks
