Average New-Vehicle Prices Up Only 1% Year-Over-Year on Growing Discounts and Incentives, According to Kelley Blue Book
Monday, December 16th, 2019
The valuation analysts at Kelley Blue Boo reported the estimated average transaction price for a light vehicle in the United States was $38,393 in November 2019. New-vehicle prices increased $387 (up 1%) from November 2018, while climbing $106 (up 0.3%) from last month.
"Transaction prices rose only 1% as dealer discounts grew to move older inventory," said Tim Fleming, analyst for Kelley Blue Book. "As retail sales slowed by more than 2% this year, vehicles are spending more time on dealer lots, about 80 days on average, which is five days longer than a year ago and the highest level seen since 2017. As a result, there are more discounts and incentives, especially now that the year's end is approaching."
|
Manufacturer |
November |
October |
November |
Percent |
Percent |
|
American Honda (Acura, Honda) |
$29,008 |
$28,735 |
$29,587 |
0.9% |
-2.0% |
|
Fiat Chrysler (Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, RAM) |
$40,760 |
$41,099 |
$39,810 |
-0.8% |
2.4% |
|
Ford Motor Company (Ford, Lincoln) |
$43,676 |
$43,913 |
$40,967 |
-0.5% |
6.6% |
|
General Motors (Buick, Cadillac, Chevrolet, GMC) |
$42,547 |
$42,467 |
$41,388 |
0.2% |
2.8% |
|
Hyundai Kia |
$27,128 |
$27,508 |
$24,681 |
-1.4% |
9.9% |
|
Nissan North America (Nissan, INFINITI) |
$31,330 |
$30,937 |
$30,848 |
1.3% |
1.6% |
|
Subaru |
$30,467 |
$30,325 |
$29,854 |
0.5% |
2.1% |
|
Toyota Motor Company (Lexus, Toyota) |
$34,692 |
$34,250 |
$33,971 |
1.3% |
2.1% |
|
Volkswagen Group (Audi, Volkswagen, Porsche) |
$45,208 |
$44,777 |
$45,355 |
1.0% |
-0.3% |
|
Industry |
$38,393 |
$38,287 |
$38,006 |
0.3% |
1.0% |
|
*Kelley Blue Book average transaction prices do not include applied consumer incentives |
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Once again, Hyundai Kia showed the greatest improvement of all manufacturers, as its prices grew 10%. Interestingly, new three-row SUV models and electric vehicles helped the brands most. The Hyundai Palisade and Kia Telluride SUVs both transacted at more than $40,000 on average, while the Hyundai Kona EV and Kia Niro EV helped boost these models' average transaction prices by 8%.
American Honda prices fell by 2%, with Acura down 5% and Honda dropping 1%. The Acura MDX had the biggest decline for Acura at 7%, and the RDX, Acura's top seller, dropped 2%. The Honda Clarity fell the most for the brand at 6%, while the Ridgeline also trended down by 6%. On a positive note, the Honda Civic was the automaker's top performer, up 3%.
|
Segment
|
November |
October |
November |
Percent |
Percent |
|
Compact Car |
$21,037 |
$20,948 |
$20,513 |
0.4% |
2.6% |
|
Compact SUV/Crossover |
$29,617 |
$29,675 |
$28,979 |
-0.2% |
2.2% |
|
Electric Vehicle |
$54,626 |
$54,400 |
$67,506 |
0.4% |
-19.1% |
|
Entry-level Luxury Car |
$41,686 |
$42,204 |
$42,429 |
-1.2% |
-1.8% |
|
Full-size Car |
$35,330 |
$35,218 |
$34,895 |
0.3% |
1.2% |
|
Full-size Pickup Truck |
$51,140 |
$50,984 |
$49,506 |
0.3% |
3.3% |
|
Full-size SUV/Crossover |
$62,962 |
$63,400 |
$63,579 |
-0.7% |
-1.0% |
|
High Performance Car |
$122,316 |
$124,426 |
$121,611 |
-1.7% |
0.6% |
|
High-end Luxury Car |
$97,087 |
$97,392 |
$99,613 |
-0.3% |
-2.5% |
|
Hybrid/Alternative Energy Car |
$27,841 |
$27,372 |
$28,516 |
1.7% |
-2.4% |
|
Luxury Car |
$58,771 |
$59,795 |
$60,305 |
-1.7% |
-2.5% |
|
Luxury Compact SUV/Crossover |
$46,781 |
$46,676 |
$46,610 |
0.2% |
0.4% |
|
Luxury Full-size SUV/Crossover |
$86,890 |
$87,739 |
$87,458 |
-1.0% |
-0.6% |
|
Luxury Mid-size SUV/Crossover |
$58,900 |
$59,690 |
$57,699 |
-1.3% |
2.1% |
|
Luxury Subcompact SUV/Crossover |
$39,915 |
$39,509 |
$39,865 |
1.0% |
0.1% |
|
Mid-size Car |
$28,250 |
$28,318 |
$26,783 |
-0.2% |
5.5% |
|
Mid-size Pickup Truck |
$35,900 |
$35,835 |
$33,774 |
0.2% |
6.3% |
|
Mid-size SUV/Crossover |
$40,027 |
$39,892 |
$39,045 |
0.3% |
2.5% |
|
Minivan |
$35,270 |
$35,431 |
$35,514 |
-0.5% |
-0.7% |
|
Sports Car |
$36,926 |
$36,848 |
$35,628 |
0.2% |
3.6% |
|
Subcompact Car |
$16,887 |
$16,815 |
$16,454 |
0.4% |
2.6% |
|
Subcompact SUV/Crossover |
$24,860 |
$24,832 |
$24,560 |
0.1% |
1.2% |
|
Van |
$36,327 |
$36,124 |
$34,905 |
0.6% |
4.1% |
|
Grand Total |
$38,393 |
$38,287 |
$38,006 |
0.3% |
1.0% |
|
*Kelley Blue Book average transaction prices do not include applied consumer incentives |
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