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Average New-Vehicle Prices Up 2% Year-Over-Year in April 2020, Helped by Available Incentive Offers from Automakers and Finance Companies, According to Kelley Blue Book
Non-Luxury Brands, Car Segments See Most Growth as Buyers Take Interest in More Budget-Conscious Vehicles

IRVINE, Calif., May 1, 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 $38,060 in April 2020. New-vehicle prices increased $763 (up 2.0%) from April 2019, while prices dropped $102 (down 0.3%) from last month.   

"Although auto sales are expected to drop more than 50% in April, average transaction prices held steady from the earlier months of the year and rose by 2% year-over-year, likely helped by the abundant incentive offers enacted by automakers and finance companies in March of this year," said Tim Fleming, analyst for Kelley Blue Book. "We observed a bit of a shift in the data this month as more price conscious segments increased more than normal. Car segments that were flat earlier this year showed increases across the board in April. At the same time, luxury segments took a dive, down nearly $1,500 from this time last year, as buyers shied away from these fast-depreciating models."

Manufacturer

April

2020

Transaction
Price
(Avg.)*

March

2020

Transaction
Price
(Avg.)*

April
2019
Transaction
Price
(Avg.)*

Percent
Change
March
2020 to
April
2020*

Percent
Change
April

2019 to

April
2020*

American Honda (Acura, Honda)

$28,635

$28,778

$28,839

-0.5%

-0.7%

Fiat Chrysler (Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, RAM)

$42,256

$42,007

$40,269

0.6%

4.9%

Ford Motor Company (Ford, Lincoln)

$43,358

$43,279

$41,912

0.2%

3.4%

General Motors (Buick, Cadillac, Chevrolet, GMC)

$41,293

$42,206

$41,730

-2.2%

-1.0%

Hyundai Kia

$27,493

$27,581

$25,584

-0.3%

7.5%

Nissan North America (Nissan, INFINITI)

$31,049

$31,123

$29,229

-0.2%

6.2%

Subaru

$31,224

$31,206

$30,044

0.1%

3.9%

Toyota Motor Company (Lexus, Toyota)

$34,003

$33,881

$33,647

0.4%

1.1%

Volkswagen Group (Audi, Volkswagen, Porsche)

$41,386

$40,630

$43,606

1.9%

-5.1%

Industry

$38,060

$38,162

$37,297

-0.3%

2.0%

*Kelley Blue Book average transaction prices do not include applied consumer incentives

Hyundai Kia continue to lead all manufacturers in terms of pricing growth behind Hyundai's 12% improvement. All Hyundai models showed gains year-over-year, with none higher than the redesigned Sonata's 17% jump. The new Sonata now has the highest average transaction prices in the midsize car segment, whereas in April 2019 it was in the last place. Perhaps helped by the Sonata, the recently refreshed Elantra also saw a spike as it rose nearly 7%. Kia's gains were not as significant as the brand's average price climbed 3%. The Telluride, now facing year-over-year comparisons, led the brand with 10% growth as its trim mix skewed more towards the top-end SX. Kia's best-selling model, the Optima, managed a 1% improvement in its last year before being redesigned.

Nissan North America also saw strong average transaction price increases in line with Q1 results, led by the Nissan brand's 7% gains. Perhaps surprisingly in today's SUV and truck-heavy market, Nissan was led by its cars. The redesigned Versa had the biggest jump, up 17%, and the new Sentra continues to rise each month, up 7% in April 2020.

On a segment level, cars saw the biggest increase at 2% year-over-year. In fact, all the non-luxury car segments saw increases in the 2% range, a change from recent months where cars were trending roughly flat. This may show buyers taking more interest in these more budget-conscious segments. Another sign of shifting preferences in April 2020 is at the brand level. Luxury brands were down 2.5%, while non-luxury brands rose 4%. Nearly all luxury segments saw declines, while only one non-luxury segments was noticeably down (full-size SUVs). Mid-size trucks showed the biggest improvement year-over-year, due in large part to the Jeep Gladiator.

Segment

 

 

April

2020

Transaction
Price
(Avg.)*

March

2020

Transaction
Price
(Avg.)*

April

2019
Transaction
Price
(Avg.)*

Percent
Change
March
2020 to
April
2020*

Percent
Change
April

2019 to

April
2020*

Compact Car

$21,202

$21,095

$20,772

0.5%

2.1%

Compact SUV/Crossover

$29,925

$29,923

$29,510

0.0%

1.4%

Electric Vehicle

$45,505

$50,765

$44,330

-10.4%

2.6%

Entry-level Luxury Car

$42,589

$43,069

$43,214

-1.1%

-1.4%

Full-size Car

$35,599

$35,350

$35,034

0.7%

1.6%

Full-size Pickup Truck

$50,719

$49,941

$50,171

1.6%

1.1%

Full-size SUV/Crossover

$62,195

$62,226

$62,870

-0.1%

-1.1%

High Performance Car

$97,230

$96,397

$99,814

0.9%

-2.6%

High-end Luxury Car

$94,728

$93,049

$101,200

1.8%

-6.4%

Hybrid/Alternative Energy Car

$27,649

$27,400

$27,495

0.9%

0.6%

Luxury Car

$58,779

$58,077

$59,699

1.2%

-1.5%

Luxury Compact SUV/Crossover

$46,935

$46,684

$46,579

0.5%

0.8%

Luxury Full-size SUV/Crossover

$87,515

$88,186

$89,931

-0.8%

-2.7%

Luxury Mid-size SUV/Crossover

$58,795

$59,399

$60,370

-1.0%

-2.6%

Luxury Subcompact SUV/Crossover

$39,093

$39,332

$39,846

-0.6%

-1.9%

Mid-size Car

$26,374

$26,214

$25,817

0.6%

2.2%

Mid-size Pickup Truck

$35,984

$36,087

$34,747

-0.3%

3.6%

Mid-size SUV/Crossover

$39,930

$39,956

$38,728

-0.1%

3.1%

Minivan

$35,474

$35,147

$35,563

0.9%

-0.2%

Sports Car

$37,164

$36,461

$37,029

1.9%

0.4%

Subcompact Car

$17,028

$17,068

$16,595

-0.2%

2.6%

Subcompact SUV/Crossover

$24,404

$24,347

$24,495

0.2%

-0.4%

Van

$37,064

$36,502

$35,790

1.5%

3.6%

Grand Total

$38,060

$38,162

$37,297

-0.3%

2.0%

*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.

About Cox Automotive
Cox Automotive Inc. makes buying, selling, owning and using cars easier for everyone. The global company's 34,000-plus team members and family of brands, including Autotrader®, Clutch Technologies, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with revenues of $21 billion. www.coxautoinc.com

SOURCE Kelley Blue Book

For further information: Brenna Buehler, 949-473-6595, brenna.buehler@coxautoinc.com
Key Contacts

Sr. Public Relations Manager
Brenna Buehler
949.473.6595
brenna.buehler@coxautoinc.com

Sr. Public Relations Manager
Nichole Mrasek
404.568.6352
nichole.mrasek@coxautoinc.com  

 

  

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