Winter Gas Prices Dip to Multi-Year Lows Amid Regional Variations
Gas prices continue a slight downward trend heading into winter, with the U.S. national average remaining stable at $3.03 per gallon, down 19 cents year-over-year, according to the EIA. On Dec. 2, the national average briefly dropped to $2.99, marking the lowest levels since 2021. Regional prices show variability, with the Gulf Coast offering the lowest average at $2.58 and the West Coast the highest at $3.86. Oklahoma leads with the cheapest gas at $2.49, while 31 states report averages below $2.99. Seasonal trends may push prices lower during the holidays, though incoming policy changes under the Trump administration and the Federal Reserve’s inflation measures could influence prices in the coming months.
November Automotive Market Trends: Resilient Fleet Demand Amid Seasonal Adjustments
In November, wholesale used-vehicle prices, measured by the Manheim Used Vehicle Value Index (MUVVI), rose 0.2% year over year to 205.4, though non-adjusted prices fell slightly month over month. Seasonal depreciation was less pronounced due to tight market supply, supporting dealer demand despite the Thanksgiving slowdown. Market segments like sedans saw price increases, while SUVs and pickups experienced year-over-year declines. Electric vehicle (EV) values showed stronger depreciation trends, contrasting with slight gains for non-EVs. Retail used-vehicle sales increased 5% month over month and 15% year over year, with average retail listing prices up 0.4%. New-vehicle sales rose 10.1% from last year, though fleet sales dropped. Consumer confidence improved, with indices rising year over year, but vehicle purchase plans slightly declined amid easing interest rates. Gas prices fell 6% year over year, further bolstering consumer sentiment.
2024 Fleet Sales Remain Steady, Nearing 2023 Levels
Fleet sales across the three key sectors—commercial, rental, and government—are nearing 2023 levels, with 2024 year-to-date (YTD) sales reaching 1,947,046 vehicles, just 1.6% below the 1,977,943 vehicles sold in the same period last year, according to Bobit fleet data. Commercial fleet sales fell 8.4% YTD to 749,413, while rental fleet sales rose 3.9% to 944,444, and government fleet sales increased 1.1% to 253,189. November 2024 saw a 4.6% decline in combined fleet sales year over year, totaling 139,989 vehicles. Commercial fleet sales dropped 9.3%, government sales fell 6%, and rental fleet sales were nearly flat, down just 0.1%. Despite a midyear plateau, fleet sales have remained stable, reflecting robust contributions from Detroit-based and Asian Big 6 automakers.