New Vehicle Prices Set Record in June – State of the Fleet Industry

In June, the average price paid for a new non-luxury vehicle was $43,942, the highest price for a non-luxury vehicle on record. In the non-luxury segment, customers paid on average $1,017 above sticker price.  -  Source: Cox Automotive

In June, the typical value paid for a brand new non-luxury car was $43,942, the very best value for a non-luxury car on report. Within the non-luxury section, prospects paid on common $1,017 above sticker value.

Supply: Cox Automotive

In June, the typical value paid for a brand new car was the very best on report and marked the primary time that the typical transaction value (ATP) surpassed the $48,000 mark, based on new information launched by Kelley Blue E-book, a Cox Automotive firm. 

The brand new-vehicle ATP elevated to $48,043 in June 2022, based on Kelley Blue E-book, beating the earlier excessive of $47,202 set in December 2021. June costs rose 1.9% ($895) from Might and had been up 12.7% ($5,410) from June 2021.  

After being within the mid-30s since mid-January, new-vehicle stock days’ provide inched as much as the excessive 30s in June. Buyer demand stays robust because of continued provide points. These circumstances enabled most sellers to proceed promoting stock at or above the producer’s prompt retail value (MSRP).

The common value paid for a brand new car has been “over sticker” all through 2022. In June, new autos from Honda, Kia, and Mercedes-Benz had been transacting on common between 6.5% and eight.7% over MSRP. On the opposite facet of the spectrum, Buick, Lincoln, and Ram had been promoting at practically 1% under MSRP. 

In June, the typical value paid for a brand new non-luxury car was $43,942, up $615 from Might, the very best value for a non-luxury car on report, based on Kelley Blue E-book. Automotive customers within the non-luxury section paid on common $1,017 above sticker value. In every month of 2022, customers have paid roughly $1,000 greater than MSRP in comparison with $158 over MSRP in June 2021. 

“Whereas costs for the business are, on common, larger than MSRP, there are some non-luxury segments which might be extra reasonably priced comparable to compact vehicles and compact SUVs/crossovers,” mentioned Rebecca Rydzewski, Cox Automotive’s analysis supervisor of financial and business insights. “These segments are promoting for greater than 30% lower than the business common transaction value.” 

In June 2022, the typical luxurious purchaser paid $66,476 for a brand new car, up $1,097 month over month, the very best value for a luxurious car ever. For comparability, luxurious autos had been promoting for practically $825 beneath MSRP one yr in the past. Luxurious car share stays excessive and elevated to 18% of whole gross sales in June, up from 17.3% in Might.  

In June, the typical value paid for a new electric vehicle (EV) elevated by 3.8% in comparison with Might and 13.7% in comparison with a yr in the past. The common value for a brand new electrical car – over $66,000, based on Kelley Blue E-book estimates – is above the business common and extra aligned with luxurious costs versus mainstream costs. Hybrid/different vitality autos are promoting at simply over $39,000 in June, a $3,593 enhance over Might and an $8,453 enhance versus a yr in the past.

Month over month, new-vehicle common transaction value adjustments (by section) noticed costs blended by way of will increase and reduces. With an ATP of $39,040, hybrid/different vitality vehicles had the most important enhance of $3,593. With an ATP of $66,997, electrical autos noticed a rise of $2,444 in June, whereas vans elevated by $658 to an ATP of $50,126. The totally different automobile segments confirmed minor will increase in common transaction value in June versus Might.

Additionally in extraordinarily quick provide, compact vehicles had been up solely $146 (or 0.6%), whereas mid-size vehicles had been up 1% (or $325) for the month. Luxurious vehicles confirmed a 6.4% lower in ATP and full-size vehicles confirmed a 0.2% lower.

In the meantime, electrical autos had the bottom incentives (as a proportion of ATP) of 0.4%, and entry-level luxurious vehicles had the very best of three.4%. Incentives dropped to a report low degree in June, averaging solely 2.3% of the typical transaction value, based on Kelley Blue E-book. 

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