Average new vehicle prices in the U.S. have increased 3.9 per cent ($1,442) year-over-year in August and 0.2 per cent ($72) from the previous month, according to the valuation analysts at Kelley Blue Book.
The estimated average transaction price for a light vehicle in the U.S. was $38,635 in August.
“New-car transaction prices flattened from last month. It is interesting to note, this is consistent with seasonal trends from 2017 to 2019, despite volatility earlier this year,” said Sara Richards, an analyst for Kelley Blue Book. “Supply and inventory are still expected to be a challenge in high demand segments going into the fall, due to factory shutdowns this past spring.”
Richards said a potential second wave of shutdowns during the fall and winter seasons is still a concern.
On automakers, General Motors was the only OEM up nearly 3 per cent from July, while Hyundai-Kia, Subaru, and Toyota all remained relatively flat during the same period. However, they did manage strong year-over-year gains of more than 4 per cent, while Ford and Fiat Chrysler were both up more than 6 per cent YOY. That comes thanks in large part to the GMC Canyon, Ford F-Series, and GMC Sierra.
Non-luxury transaction prices climbed approximately half a percent from July and are up more than 4 per cent YOY. KBB said this is likely supported by continued strength in SUV and truck sales.
“The prices could correct if these vehicles begin to sell out, although momentum does not appear to be slowing,” said KBB.
