The estimated average transaction price for a light vehicle in the United States was $38,723 in September, with new vehicle prices jumping 2.5 per cent ($940) year-over-year while climbing 0.1 per cent ($23) from last month, according to Kelley Blue Book.
“New-car transaction prices have climbed year-over-year, but remained flat for the past few months,” said Sara Richards, an analyst for Kelley Blue Book. “This may indicate supply challenges experienced over spring and summer have been corrected and OEMs are finally able to build up stock.”
Richards said that if OEMs want to recover sales lost earlier in the year, then incentives could climb dramatically “and transaction prices could remain flat or even dip in the future.”
Regarding the OEMs, Honda, Fiat Chrysler, Ford, Hyundai and Kia, Subaru, and Toyota reported greater than four per cent YOY gains for September, with little change month-over-month. Toyota’s RAV4 offered the biggest boost for the automaker, thanks to an 18 per cent increase in transaction prices YOY.
Non-luxury and luxury vehicles were relatively flat MOM, although YOY non-luxury prices were up 3.9 per cent while luxury prices declined three per cent.
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