Average new car prices in the U.S. rose 2.8 per cent ($993) in February, year-over-year, while decreasing 0.5 per cent ($205) from the previous month in 2019, according to the analysts at Kelley Blue Book. The average transaction price for a light vehicle in February was $36,590.
“New-vehicle transaction prices climbed nearly 3 percent in February, led by the strength in full-size pickup trucks,” said Tim Fleming, analyst for Kelley Blue Book. “New pickups from General Motors and RAM are setting the pace for the segment, and every full-size pickup truck had year-over-year growth greater than 4 per cent.”
In terms of midsize trucks, Fleming said the segment only increased one per cent for the month, and is “set for a similar revival with the new Ford Ranger hitting the market right now and the Jeep Gladiator coming soon.”
Ford has been gaining momentum YOY, as seen by the more than five per cent increase in average prices. The Ford and Lincoln brands are up five per cent, thanks in large part to its refreshed Edge model, the new ST trim and the F-Series. The Super Duty trucks captured the lion’s share of sales. On the Lincoln side, the Nautilus and the Navigator helped boost average prices.
General Motors was flat YOY; only the GMC brand experience an increase — a two per cent climb largely resulting from the redesigned Sierra pickup truck. In contrast, Buick fell three per cent, with the Enclave dropping four per cent and the Envision decreasing by five per cent.
