The logistics and car shipping service market experienced notable trends in October 2024, as listed prices per mile declined and average mileage per load increased. New data from Central Dispatch shows both a month-over-month and year-over-year decline in pricing, accompanied by notable shifts in open trailer usage, enclosed hauler usage, and overall mileage patterns.
Per Mile Shipping Prices Decline
The average listed price per mile in October 2024 was $1.05, marking a 5.4% year-over-year decrease from October 2023 and a 1.9% month-to-month drop from September 2024 ($1.07). October vehicle shipping costs tend to outpace September historically, but there's an added boost this year from a significant drop in diesel fuel costs.
Diesel prices have fallen 20.1% per gallon since October 2023. As gas prices continue to tick down, vehicle transportation prices per mile are very likely to follow.
Average Auto Shipping Mileage Increases
Despite declining car transport prices per mile, the average vehicle transportation mileage increased significantly. In October 2024, the average mileage per shipment was 920 miles, up 15.7% year-over-year and 4.4% higher than in September 2024. We're seeing a spiking demand in requests for cross-country car shipping from private and professional clients alike.
Shifts in Open Trailer Usage and Vehicles Shipped
Per-mile auto transport prices and shipment distances aren't the only shifting trends in the logistics and shipping marketplace. In October 2024, there was also key movement in trailer usage and vehicle-specific shipping costs.
A Move Towards Enclosed Car Haulers
While open car hauling remains the most employed form of automotive transportation in the industry, enclosed trailers gained a 1% market share compared to the previous year and the prior month.
Conversely, open trailer usage declined. However, all forms of vehicle haulers recorded higher average mileage in October, with driveaway posting the largest increase at 8%. Open and enclosed auto hauling also saw strong increases.
Costs Per Mile Down For Most Vehicle Types
Prices per mile fell for most vehicle sizes compared to September 2024:
Extra-large vehicles: -11%
Large vehicles: -4%
Small vehicles: -1%
Midsize sedan vehicle transport remained stable with no change in per-mile shipping prices.
Analyzing The October 2024 Vehicle Shipping Market
Vehicle shipping data for the current month reflect a complex market influenced by fuel price fluctuations, shifts in trailer type preferences, and overall per-mile price decreases. While lower diesel prices offer some cost relief, declining per-mile rates may also indicate increased auto transport company competition among car shipping service providers and that consumer spending habits are changing.
For vehicle shipping companies, October 2024 transport trends could lead to shifting pricing strategies and new modes of operation in a challenging marketplace.
