Average New-Vehicle Prices Up Nearly 3% Year-Over-Year in February 2020, According to Kelley Blue Book
With truck prices flat, this year may be a good time to find a deal on a new pickup
IRVINE, Calif., March 3, 2020 /PRNewswire/ -- The valuation analysts at Kelley Blue Book today reported the estimated average transaction price for a light vehicle in the United States was $37,876 in February 2020. New-vehicle prices increased $975 (up 2.6%) from February 2019, while falling $126 (down 0.3%) from last month.
"Many of the major manufacturers increased prices by more than 4% by capitalizing on the shift toward SUVs. However, trucks, especially full-size trucks, are exhibiting weakness," said Tim Fleming, analyst for Kelley Blue Book. "After prices climbed 3% in 2018 and 4% in 2019, truck prices are only flat through February 2020. With the GM and Ram trucks in their second year of production and Ford about to sell-down the current F-150 for its upcoming redesign, this year may be a good time to find a deal on a new truck."
Manufacturer | February 2020 Transaction | January 2020 Transaction | February 2019 | Percent | Percent February |
American Honda (Acura, Honda) | $29,049 | $28,789 | $29,343 | 0.9% | -1.0% |
Fiat Chrysler (Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, RAM) | $40,458 | $40,976 | $38,828 | -1.3% | 4.2% |
Ford Motor Company (Ford, Lincoln) | $43,806 | $44,327 | $42,037 | -1.2% | 4.2% |
General Motors (Buick, Cadillac, Chevrolet, GMC) | $40,913 | $40,644 | $40,871 | 0.7% | 0.1% |
$28,222 | $28,058 | $25,607 | 0.6% | 10.2% | |
Nissan North America (Nissan, INFINITI) | $30,913 | $31,459 | $29,562 | -1.7% | 4.6% |
$30,981 | $30,874 | $30,004 | 0.3% | 3.3% | |
Toyota Motor Company (Lexus, Toyota) | $34,140 | $33,920 | $32,793 | 0.6% | 4.1% |
Volkswagen Group (Audi, Volkswagen, Porsche) | $43,541 | $43,496 | $44,574 | 0.1% | -2.3% |
Industry | $37,876 | $38,002 | $36,901 | -0.3% | 2.6% |
*Kelley Blue Book average transaction prices do not include applied consumer incentives | |||||
Once again, Hyundai and Kia led the way in year-over-year growth, with Hyundai rising 12% and Kia up 9%. Nearly every model from Hyundai saw gains, but none was higher than the redesigned Sonata which climbed 13%. Kia's largest gain came from the Niro, whose electric model with 239 miles of range helped push the model's average price up 9%. The Kia Telluride, which is now facing year-over-year comparisons for the first time, climbed 6%.
Nissan North America posted a strong increase of 4.6% in February 2020, as the Nissan brand rose 5%, while Infiniti fell 1%. Recent updates to Nissan's car portfolio helped several models this past month. The redesigned Versa saw the biggest increase at 16%, while the 215-mile LEAF Plus helped the LEAF average grow by 12%. Also, the new Sentra is reaching dealerships and prices should climb in the months to come. Infiniti was challenged by the QX50 (down 9%) and the QX60 (down 4%), but a lesser sales mix of sedans helped their brand's average.
"At a segment level, we saw strength in SUVs in February, with compact SUVs up 2.4% and midsize SUVs up 3.4%," said Fleming. "Two models drove the compact SUV segment up – the redesigned Ford Escape (up 7%) and the Toyota RAV4 (up 5%, thanks to its hybrid model)."
Two redesigns topped the list of midsize SUVs – the Ford Explorer jumped 10% and the Subaru Outback was up 6%. Overall, the average car price was flat year-over-year, while SUV prices rose more than 2 percent.
Segment | February 2020 Transaction Price | January 2020 Transaction | February 2019 | Percent | Percent February |
Compact Car | $21,054 | $21,055 | $20,443 | 0.0% | 3.0% |
Compact SUV/Crossover | $29,997 | $29,835 | $29,293 | 0.5% | 2.4% |
Electric Vehicle | $40,850 | $43,258 | $41,007 | -5.6% | -0.4% |
Entry-level Luxury Car | $42,114 | $42,155 | $43,150 | -0.1% | -2.4% |
Full-size Car | $35,440 | $35,391 | $35,307 | 0.1% | 0.4% |
Full-size Pickup Truck | $49,672 | $49,913 | $49,951 | -0.5% | -0.6% |
Full-size SUV/Crossover | $62,869 | $62,893 | $63,025 | 0.0% | -0.2% |
High Performance Car | $118,720 | $118,024 | $115,587 | 0.6% | 2.7% |
High-end Luxury Car | $102,070 | $98,938 | $98,700 | 3.2% | 3.4% |
Hybrid/Alternative Energy Car | $27,664 | $27,495 | $27,857 | 0.6% | -0.7% |
Luxury Car | $58,366 | $60,433 | $60,048 | -3.4% | -2.8% |
Luxury Compact SUV/Crossover | $46,759 | $46,778 | $46,812 | 0.0% | -0.1% |
Luxury Full-size SUV/Crossover | $88,473 | $88,044 | $87,726 | 0.5% | 0.9% |
Luxury Midsize SUV/Crossover | $59,033 | $58,929 | $58,599 | 0.2% | 0.7% |
Luxury Subcompact SUV/Crossover | $39,086 | $38,724 | $39,517 | 0.9% | -1.1% |
Midsize Car | $26,251 | $26,138 | $25,899 | 0.4% | 1.4% |
Midsize Pickup Truck | $35,222 | $35,513 | $33,726 | -0.8% | 4.4% |
Midsize SUV/Crossover | $39,921 | $39,754 | $38,614 | 0.4% | 3.4% |
Minivan | $35,660 | $35,679 | $34,790 | -0.1% | 2.5% |
Sports Car | $35,278 | $35,392 | $34,938 | -0.3% | 1.0% |
Subcompact Car | $16,830 | $16,626 | $16,408 | 1.2% | 2.6% |
Subcompact SUV/Crossover | $24,897 | $24,931 | $24,469 | -0.1% | 1.7% |
Van | $36,013 | $35,444 | $35,040 | 1.6% | 2.8% |
Grand Total | $37,876 | $38,002 | $36,901 | -0.3% | 2.6% |
*Kelley Blue Book average transaction prices do not include applied consumer incentives | |||||
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About Kelley Blue Book (www.kbb.com)
Founded in 1926, Kelley Blue Book, The Trusted Resource®, is the vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry. Each week the company provides market-reflective values on its top-rated website KBB.com, including its famous Blue Book® Trade-In Values and Kelley Blue Book® Price Advisor tool, which provides a range for what consumers can reasonably expect to pay for a vehicle in their area. Car owners looking to sell immediately can also get a redeemable, transaction-ready offer with Kelley Blue BookSM Instant Cash Offer. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies, and governmental agencies. Kelley Blue Book is a Cox Automotive brand.
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SOURCE Kelley Blue Book
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