The average price of a new car is now at a record high, according to vehicle valuation and automotive research company Kelley Blue Book.
The average transaction price for new vehicles sold in the U.S. jumped for the seventh straight month in October, reaching a record $46,036 with buyers paying an average of $800 over sticker price. The average selling price reflects an increase of 12.9% - or $5,266 – from one year ago in October 2020 and up 2%, or $910, from September 2021.
According to Kelley’s, the average new vehicle is now selling well above the manufacturer’s suggested retail price at 2% above MSRP in October. In comparison, transaction prices were about $2,300 below MSRP in October 2019.
“Whether they are desperate or impatient, consumers continue to pay hundreds of dollars above the suggested price for new vehicles,” said Kayla Reynolds, analyst for Cox Automotive. “While the average transaction price jumped to a new record high, the average incentive package fell to a 20-year low. To score a new vehicle, buyers are accepting no-haggle pricing, with significant market adjustments in some instances. It is absolutely a seller’s market right now.”
Sales on higher-end luxury vehicles and large SUVs and pickup trucks boosted volume. Luxury sales account for 16.3% of the total market, up from 15.2% last year. The average price for a luxury vehicle was $61,020.
Total new vehicle sales increases slightly in October to 1.056 million, a 4.1% month-over-month increase. Sales, however, were down 22.4% compared to one year ago and 21% compared to October 2019. Analysts said new inventory remains “far below healthy levels,” as automakers are steering available microchips to higher-end, higher-margin products.
And no relief is in sight, according to Kelley, with new-vehicle inventory expected to remain tight through the first half of 2022.
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November 16, 2021 at 07:30PM
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Average new car price surges to $46,036 - AL.com
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