U.S. average new-vehicle prices increased 0.6 per cent ($262) in September, year-over-year, while increasing 0.7 per cent ($215) from the previous month, according to analysts at Kelley Blue Book.
The estimated average transaction price for light vehicles in the U.S. during this period was $37,590.
“Transaction prices are still strong, but the growth has almost stalled, as retail demand is weakening,” said Tim Fleming, analyst for Kelley Blue Book. “Despite automakers pulling back their production this year, it may not be fast enough. Incentives are rising, averaging about 10.5 per cent of average transaction prices and nearing levels from 2017 when industry sales saw their first decline since the recession.”
Fleming said SUV and truck performance are still doing well, due in part to recent model launches that helped boost sales and average prices. It’s a positive thing for automakers as these types of vehicles are typically more profitable for them, according to Fleming.
In terms of performances by OEMs, American Honda (Acura, Honda) fell for the third straight month, with Acura prices dropping 5 per cent and Honda down 2 per cent. The refreshed Honda HR-V did well, rising 3 per cent in September.
Hyundai-Kia also did well during the same period, with average prices jumping nearly 8 per cent. Hyundai experienced the biggest improvement of the two brands, up 8 per cent, due to the new Palisade SUV and the Kona EV. Kia increased 6 per cent in September, thanks to the new Telluride SUV and the redesigned Soul.
