New vehicle prices in the United States jumped $2,125 (up 5.4%) from May 2020, while increasing $493 (up 1.2%) from April 2021, according to the analysts at Kelley Blue Book.
The estimated average transaction price for a light vehicle in the U.S. was $41,263 in May 2021.
“Last month’s average transaction price performance highlights an all-time high in year-over-year growth for the month of May,” said Kayla Reynolds, an industry intelligence analyst at Cox Automotive. “Many manufacturers reported year-over-year gains in average transaction prices. The largest increase came from Mitsubishi, up 12% from this time last year.”
Mitsubishi was one of the more affordable automakers with the lowest average transaction price in May. The OEM reported recovery within the automotive retail space when moving into the second quarter of the year. Most of its models experienced YOY average transaction price increases in May 2021.
KBB said its latest Outlander and Outlander PHEV are the OEM’s highest-priced vehicles, with MSRPs starting at $25,795 for the 2022 Outlander and $36,295 for the 2021 Outlander PHEV.
“Overall, the Outlander model line saw sales more than double for May 2021 when compared to May 2020. The inclusion of the PHEV trim level within the model lineup aided sales and pricing gains,” said KBB.
On luxury and non-luxury segments, KBB said non-luxury vehicles had a larger YOY price increase at 4.9% (up $1,805) in May 2021, while luxury vehicles jumped 2.9% ($1,597) from this time last year. Standard full-size SUVs and pickup trucks helped propel that growth among non-luxury segments.