Average new car prices in the U.S. are up 3.1 per cent ($1,131) year-over-year for June 2019, according to Kelley Blue Book.
“Transaction price growth accelerated in June, climbing 3 per cent as demand for trucks and SUVs pushed sales and prices up in those segments,” said Tim Fleming, analyst for Kelley Blue Book. “Light trucks and SUVs are expected to account for about 71 per cent of sales in June, up from 68 per cent a year ago.”
The estimated average transaction price for a light vehicle in June was $37,285. While the price of a new vehicle did increase YOY, it also decreased 0.2 per cent ($67) from last month.
Fleming said overall SUV prices increased by 4 per cent and trucks by 3 per cent in June, but car prices were flat and even lost market share.
“Luxury and mainstream mid-size SUVs are showing the most strength right now, with brand new models such as the BMW X7 and Kia Telluride driving incremental sales and price growth for their brands,” said Fleming.
Fiat Chrysler experienced a strong month with a near 7 per cent increase, due in large part to the RAM and Jeep brands.
Ford Motor Company’s average prices climbed 4 per cent in June: the Ford brand jumped 4 per cent while Lincoln increased 3 per cent.
Hyundai Kia experienced a 3 per cent boost in average transaction prices. Kia managed to pull in the biggest increase thanks to a range of models, including the redesigned Forte and Soul, and the new Niro EV and Telluride. The Veloster, and Kona EV helped lift the Hyundai brand.
Genesis declined 12 per cent after introducing the G70 sedan as its new entry point and volume leader in its lineup. The brand’s sales volume is expected to increase “substantially” compared to the previous year.
