New vehicle prices in the United States jumped two per cent ($749) year-over-year in July, while also decreasing 1.2 per cent ($473) from the previous month, according to the valuation analysts at Kelley Blue Book.
They also estimate that the average transaction price for a light vehicle in the U.S. in July was $38,378.
“While up from last year, new-car transaction prices are finally starting to dip from last month,” said Steve Lind, Vice President of Operations for Kelley Blue Book. “This could be a result of supply shortages of highly contented, more desirable vehicles, which may cause some consumers to select second-choice trims. Shoppers’ aversion to luxury vehicles continues with prices down one per cent from last month.”
When looking at the broader vehicle segments, non-luxury transaction prices were up nearly four per cent YOY likely thanks to high SUV and truck sales. But the momentum is starting to slow down for many OEMs.
Nissan North America and Hyundai Kia, for example, were up 8.9 per cent and 7.6 per cent YOY, respectively, over the last few months. They have since declined 1.5 per cent from June. And Ford Motor Company was down 1.3 per cent month-over-month.
“Supply and inventory will remain a challenge in high demand segments due to factory shutdowns in the spring and potential shutdowns before year-end,” said Kelley Blue Book.
Used cars are still hovering around record-breaking levels, and models in certain segments are moving closer to new-car prices — including sports cars.
