Average New-Car Prices Up More Than 1 Percent Year-Over-Year for December 2018, Closing the Strongest Year of Growth Since 2013, According to Kelley Blue Book
IRVINE, Calif., Jan. 3, 2019 /PRNewswire/ -- The analysts at Kelley Blue Book today reported the estimated average transaction price for light vehicles in the United States was $37,577 in December 2018. New-vehicle prices increased (up 1.3 percent) from December 2017, while decreasing $93 (down 0.2 percent) from last month.
"December closed out a very strong year for new-car prices, as they rose to more than $36,000 on average in 2018, a 3 percent increase," said Tim Fleming, analyst for Kelley Blue Book. "Despite higher interest rates and incentives remaining flat year-over-year, this was the strongest growth in transaction prices since 2013. Average transaction prices were boosted in 2018 by tax reform and low unemployment, as well as the rapid ramp-up of Tesla and its Model 3."
Excluding Tesla from the average, the rest of the industry rose 2.5 percent, a result more in line with the past few years. The sales mix of cars dropping to 31 percent (from 36 percent in 2017) also played a role in rising prices, and as more automakers like Ford discontinue their car nameplates in favor of SUVs and trucks, the average new-vehicle price will continue to grow.
Manufacturer | December | November 2018 Transaction | December 2017 | Percent | Percent 2017 to |
American Honda (Acura, Honda) | $29,347 | $29,579 | $29,329 | -0.8% | 0.1% |
Fiat Chrysler (Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, RAM) | $40,028 | $39,708 | $38,497 | 0.8% | 4.0% |
Ford Motor Company (Ford, Lincoln) | $40,256 | $40,056 | $40,643 | 0.5% | -1.0% |
General Motors (Buick, Cadillac, Chevrolet, GMC) | $40,943 | $41,183 | $40,722 | -0.6% | 0.5% |
$24,705 | $24,584 | $25,166 | 0.5% | -1.8% | |
Nissan North America (Nissan, INFINITI) | $30,880 | $30,818 | $30,202 | 0.2% | 2.2% |
$29,636 | $29,824 | $28,104 | -0.6% | 5.5% | |
Toyota Motor Company (Lexus, Toyota) | $34,143 | $33,891 | $33,531 | 0.7% | 1.8% |
Volkswagen Group (Audi, Volkswagen, Porsche) | $42,322 | $43,232 | $42,798 | -2.1% | -1.1% |
Industry | $37,577 | $37,670 | $37,077 | -0.2% | 1.3% |
*Kelley Blue Book average transaction prices do not include applied consumer incentives | |||||
Similar to last month, strength in SUVs and trucks continued to push Fiat Chrysler and Subaru up year-over-year. Also benefitting from models in these segments, Nissan North America jumped 2 percent overall with Infiniti leading the way at a 5 percent increase. The QX50 was Infiniti's top performer again, as average transaction prices were up 22 percent. Nissan prices also climbed (up 1 percent), led by the redesigned Altima (up 6 percent). However, the new Kicks subcompact SUV and its nearly $20,000 average transaction price brought down the Nissan brand average.
Segment
| December | November | December | Percent | Percent |
Compact Car | $20,453 | $20,429 | $20,363 | 0.1% | 0.4% |
Compact SUV/Crossover | $28,739 | $28,789 | $28,356 | -0.2% | 1.3% |
Electric Vehicle | $67,004 | $67,357 | $68,470 | -0.5% | -2.1% |
Entry-level Luxury Car | $42,385 | $42,505 | $42,565 | -0.3% | -0.4% |
Full-size Car | $34,925 | $34,841 | $34,526 | 0.2% | 1.2% |
Full-size Pickup Truck | $48,653 | $48,777 | $47,398 | -0.3% | 2.6% |
Full-size SUV/Crossover | $63,207 | $63,507 | $61,896 | -0.5% | 2.1% |
High Performance Car | $113,433 | $121,440 | $94,738 | -6.6% | 19.7% |
High-end Luxury Car | $98,128 | $97,944 | $97,960 | 0.2% | 0.2% |
Hybrid/Alternative Energy Car | $27,595 | $27,540 | $27,134 | 0.2% | 1.7% |
Luxury Car | $57,471 | $58,201 | $58,485 | -1.3% | -1.7% |
Luxury Compact SUV/Crossover | $44,485 | $44,800 | $43,898 | -0.7% | 1.3% |
Luxury Full-size SUV/Crossover | $87,149 | $86,978 | $84,407 | 0.2% | 3.2% |
Luxury Mid-size SUV/Crossover | $56,664 | $56,567 | $56,514 | 0.2% | 0.3% |
Mid-size Car | $25,838 | $25,799 | $25,956 | 0.2% | -0.5% |
Mid-size Pickup Truck | $33,262 | $33,593 | $32,982 | -1.0% | 0.9% |
Mid-size SUV/Crossover | $38,975 | $38,982 | $38,400 | 0.0% | 1.5% |
Minivan | $35,777 | $35,440 | $35,403 | 1.0% | 1.1% |
Sports Car | $35,345 | $35,612 | $34,511 | -0.7% | 2.4% |
Subcompact Car | $16,365 | $16,368 | $16,164 | 0.0% | 1.2% |
Subcompact SUV/Crossover | $24,211 | $24,033 | $24,521 | 0.7% | -1.3% |
Van | $34,205 | $33,477 | $32,379 | 2.2% | 5.6% |
Grand Total | $37,577 | $37,670 | $37,077 | -0.2% | 1.3% |
*Kelley Blue Book average transaction prices do not include applied consumer incentives | |||||
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SOURCE Kelley Blue Book
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