In September, the average new car in America sold for $45,031. That’s the first time the average transaction price has crossed the $45,000 barrier and the sixth consecutive month of record-high prices. The mark comes despite slowing sales nationwide.
Americans bought 7.3 percent fewer cars in September than in August, making September one of the slowest sales months in a decade.
More Midsize SUVs, Fewer Compact Sedans
How did we get to higher prices even with fewer sales? We bought more expensive types of vehicles.
“The record-high prices in September are mostly a result of the mix of vehicles sold,” says Kayla Reynolds, an analyst for Cox Automotive. “Midsize SUV sales jumped in September compared to August, and full-size pickup share moved up as well. Sales of lower-priced compact and midsize cars, which had been commanding more share during the summer, faded in September.”
Cox Automotive is the parent company of Kelley Blue Book.
Parts Shortage Causes Short Supply
A worldwide shortage of microchips has slowed or shuttered many car factories, leaving dealers with fewer cars to sell. Automakers, needing to wring more from each sale when they can’t depend on high sales volume, have focused their efforts on building high-margin SUVs with the few microchips they do manage to get.
The high prices have led many shoppers to delay a planned new car purchase. But not enough buyers have sat out the market to drive prices down. “As long as new-vehicle inventory remains tight, we believe prices will remain elevated,” Reynolds says.
Discounts Hard to Find
The heavy incentives and discounts shoppers have grown used to seeing are much harder to find in this market. Incentives made up just 5.2 percent of the average transaction price in September. Incentives made up 10 percent of the average transaction a year earlier.
Different Pictures for Different Brands
The story wasn’t the same at every dealership. Porsche, Land Rover, Genesis, Subaru, and Toyota each saw incentives make up three percent or less of their average sales price. On the other hand, Alfa Romeo, Buick, Fiat, and Infiniti each had incentive levels above 10 percent of the sale price.
Luxury Sales Rising
Luxury vehicles made up 16.6 percent of total sales in September – among the highest proportions we’ve seen in a decade. The average luxury vehicle buyer spent $60,845. Acura, Cadillac, Genesis, and Mercedes-Benz each saw their average sale price grow by more than 20 percent compared to one year before.
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October 14, 2021 at 01:07AM
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Average New Car Sells for Over $45,000 in September - Kelley Blue Book
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