Average New-Vehicle Prices Jump Nearly 4% Year-Over-Year in August 2020, According to Kelley Blue Book
IRVINE, Calif., Sept. 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 $38,635 in August 2020. New-vehicle prices increased $1,442 (up 3.9%) from August 2019, while raising $72 (up 0.2%) from last month.
"New-car transaction prices flattened from last month. It is interesting to note, this is consistent with seasonal trends from 2017 to 2019, despite volatility earlier this year," said Sara Richards, an analyst for Kelley Blue Book. "Supply and inventory are still expected to be a challenge in high demand segments going into the fall, due to factory shutdowns this past spring. Additionally, a potential second wave of shutdowns during the fall and winter seasons remains a concern."
Manufacturer | August | July 2020 | August 2019 | Percent | Percent 2019 to August 2020* |
American Honda (Acura, Honda) | $29,343 | $29,433 | $28,526 | -0.3% | 2.9% |
Fiat Chrysler (Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, RAM) | $43,305 | $43,533 | $40,772 | -0.5% | 6.2% |
Ford Motor Company (Ford, Lincoln) | $45,033 | $44,845 | $42,376 | 0.4% | 6.3% |
General Motors (Buick, Cadillac, Chevrolet, GMC) | $42,866 | $41,695 | $42,370 | 2.8% | 1.2% |
$28,217 | $28,211 | $27,134 | 0.0% | 4.0% | |
Nissan North America (Nissan, INFINITI) | $30,769 | $30,930 | $30,274 | -0.5% | 1.6% |
$31,030 | $31,159 | $29,750 | -0.4% | 4.3% | |
Toyota Motor Company (Lexus, Toyota) | $35,801 | $35,951 | $34,233 | -0.4% | 4.6% |
Volkswagen Group (Audi, Volkswagen, Porsche) | $42,481 | $42,483 | $42,578 | 0.0% | -0.2% |
Industry | $38,635 | $38,563 | $37,193 | 0.2% | 3.9% |
*Kelley Blue Book average transaction prices do not include applied consumer incentives | |||||
Several automakers made great strides, including General Motors, which is the only automaker up nearly 3% from July 2020. Hyundai-Kia, Subaru, and Toyota all remain relatively flat from last month but showed strong year-over-year gains in excess of 4%, while Ford and Fiat Chrysler are both up more than 6% year-over-year.
Trucks are the big segment winners this month with average transaction prices up 3%. Major contributors to this lift include the GMC Canyon, Ford F-Series, and GMC Sierra. Non-luxury transaction prices ticked up about half a percent from last month and are now up more than 4% year-over-year, likely supported by continued strength in SUV and truck sales. The prices could correct if these vehicles begin to sell out, although momentum does not appear to be slowing.
Segment | August 2020 Transaction | July 2020 Transaction | August 2019 | Percent | Percent 2019 to August 2020* |
Compact Car | $21,594 | $21,564 | $21,012 | 0.1% | 2.8% |
Compact SUV/Crossover | $30,263 | $30,436 | $29,583 | -0.6% | 2.3% |
Electric Vehicle | $46,191 | $47,312 | $44,153 | -2.4% | 4.6% |
Entry-level Luxury Car | $42,609 | $42,734 | $42,690 | -0.3% | -0.2% |
Full-size Car | $36,653 | $36,409 | $35,485 | 0.7% | 3.3% |
Full-size Pickup Truck | $52,489 | $50,522 | $50,541 | 3.9% | 3.9% |
Full-size SUV/Crossover | $65,807 | $65,265 | $62,634 | 0.8% | 5.1% |
High Performance Car | $104,252 | $108,615 | $96,403 | -4.0% | 8.1% |
High-end Luxury Car | $92,137 | $94,472 | $97,613 | -2.5% | -5.6% |
Hybrid/Alternative Energy Car | $27,722 | $27,443 | $27,158 | 1.0% | 2.1% |
Luxury Car | $60,205 | $59,843 | $60,231 | 0.6% | 0.0% |
Luxury Compact SUV/Crossover | $46,404 | $45,988 | $46,595 | 0.9% | -0.4% |
Luxury Full-size SUV/Crossover | $89,967 | $90,100 | $89,867 | -0.1% | 0.1% |
Luxury Mid-size SUV/Crossover | $59,183 | $59,573 | $58,069 | -0.7% | 1.9% |
Luxury Subcompact SUV/Crossover | $39,593 | $39,362 | $39,487 | 0.6% | 0.3% |
Mid-size Car | $26,517 | $26,597 | $25,962 | -0.3% | 2.1% |
Mid-size Pickup Truck | $36,998 | $37,350 | $35,846 | -0.9% | 3.2% |
Mid-size SUV/Crossover | $40,461 | $40,439 | $39,127 | 0.1% | 3.4% |
Minivan | $36,810 | $37,000 | $35,472 | -0.5% | 3.8% |
Sports Car | $37,942 | $37,756 | $36,207 | 0.5% | 4.8% |
Subcompact Car | $17,418 | $17,428 | $16,836 | -0.1% | 3.5% |
Subcompact SUV/Crossover | $25,180 | $25,146 | $24,552 | 0.1% | 2.6% |
Van | $39,236 | $38,894 | $37,500 | 0.9% | 4.6% |
Grand Total | $38,635 | $38,563 | $37,193 | 0.2% | 3.9% |
*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
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