New-Vehicle Prices Hold Steady
August average price flat YOY as incentives keep going up.
August’s average new-vehicle transaction price was $48,451, up less than 1% year-over-year.
IMAGE: Pexels/Sarmad Mughal
Revived inventories and incentives have held down new-vehicle prices, the average U.S. price flat year-over-year in August.
Cox Automotive said dealers and automakers are feeling price pressures with high interest rates and increased supplies, so “new-vehicle prices seem to have hit a ceiling, at least for now.”
Acknowledging that a United Auto Workers strike could affect inventories anew for some product lines, Cox Research Manager Rebecca Rydzewski nevertheless said a short strike shouldn’t significantly impact consumer prices “at least in the near term.”
August’s average new-vehicle transaction price was $48,451, up less than 1% year-over-year, said Cox, which pointed out that’s down 2.4% from the start of the year. Average incentives rose for the 11th straight month to about 5% of the average price, up from 2.3% a year earlier.
Luxury prices fell 3.3% year-over-year to just over $64,000 as segment leader Tesla continued price cuts, Cox said, while the average nonluxury price was essentially flat at $44,827.
Originally posted on Auto Dealer Today
More Industry
Pennsylvania Dealership Under New Retailers
The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.
Read More →
Battery Storage Takes Priority Over EVs
U.S. automakers are prioritizing battery energy stationary storage over electric-vehicle production as the consumer demand for EVs lags the rest of the world.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
New-Vehicle Sales Picture Relative
A May forecast is complicated by last spring’s trade tariff effects on auto retail. Despite continued hard realities, many consumers took advantage of ways to bite the bullet.
Read More →
Auto Group Acquires Third Nissan Rooftop
Iowa-based Coleman Automotive Group recently acquired its seventh dealership, McGrath Nissan, which it renamed Nissan of Elgin.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Building an Extraordinary F&I Agency
Work to determine your specialized talent, because that fact will determine everything about your agency’s future.
Read More →
Recipe for Compliance
The secret to both amazing barbecue and compliance is the same: understanding the basics and committing to a process.
Read More →
EVs Getting More Attractive
A growing percentage of U.S. consumers are open to switching and fewer are adverse to the idea, according to a recently completed survey. That’s despite the end of a tax break.
Read More →
EV Sales Drop in April Following Surge
North American electric-vehicle sales were down 28% year-over-year, a sharp contrast from global EV sales growth of 6%.
Read More →