Average New-Vehicle Prices Rise 2.5% Year-Over-Year in September 2020, According to Kelley Blue Book
IRVINE, Calif., Oct. 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 $38,723 in September 2020. New-vehicle prices increased $940 (up 2.5%) from September 2019, while raising $23 (up 0.1%) from last month.
"New-car transaction prices have climbed year-over-year, but remained flat for the past few months," said Sara Richards, an analyst for Kelley Blue Book. "This may indicate supply challenges experienced over spring and summer have been corrected and OEMs are finally able to build up stock. If automakers seek to recover sales lost earlier in the year, incentives could climb dramatically, and transaction prices could remain flat or even dip in the future."
Manufacturer | September 2020 Transaction | August 2020 Transaction | September 2019 | Percent 2020 to | Percent 2019 to September 2020* |
American Honda (Acura, Honda) | $30,025 | $29,987 | $28,696 | 0.1% | 4.6% |
Fiat Chrysler (Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, RAM) | $42,787 | $42,869 | $39,937 | -0.2% | 7.1% |
Ford Motor Company (Ford, Lincoln) | $44,644 | $44,378 | $42,469 | 0.6% | 5.1% |
General Motors (Buick, Cadillac, Chevrolet, GMC) | $43,144 | $42,325 | $42,896 | 1.9% | 0.6% |
$28,957 | $28,692 | $26,932 | 0.9% | 7.5% | |
Nissan North America (Nissan, INFINITI) | $30,300 | $30,866 | $29,898 | -1.8% | 1.3% |
$31,171 | $31,030 | $29,712 | 0.5% | 4.9% | |
Toyota Motor Company (Lexus, Toyota) | $36,970 | $36,817 | $33,899 | 0.4% | 9.1% |
Volkswagen Group (Audi, Volkswagen, Porsche) | $42,077 | $42,704 | $44,852 | -1.5% | -6.2% |
Industry | $38,723 | $38,700 | $37,783 | 0.1% | 2.5% |
*Kelley Blue Book average transaction prices do not include applied consumer incentives | |||||
Honda, Fiat Chrysler, Ford, Hyundai and Kia, Subaru, and Toyota all reported strong, greater than 4% year-over-year gains, despite relatively little change month-over-month. Specifically, for Toyota the RAV4 was the biggest driver. They had a significant redesign this past year, contributing to an 18% lift in transaction prices year-over-year. Non-luxury and luxury vehicles are relatively flat month-over-month; however, the year-over-year story is completely different. Non-luxury transaction prices are up 3.9%, while luxury prices are down 3%.
Segment
| September 2020 Transaction Price | August 2020 Transaction | September 2019 | Percent 2020 to | Percent 2019 to September 2020* |
Compact Car | $21,783 | $21,749 | $20,877 | 0.2% | 4.3% |
Compact SUV/Crossover | $31,027 | $30,922 | $29,309 | 0.3% | 5.9% |
Electric Vehicle | $42,620 | $43,028 | $43,496 | -0.9% | -2.0% |
Entry-level Luxury Car | $42,016 | $42,204 | $42,674 | -0.4% | -1.5% |
Full-size Car | $36,487 | $36,290 | $34,021 | 0.5% | 7.2% |
Full-size Pickup Truck | $51,424 | $51,287 | $50,044 | 0.3% | 2.8% |
Full-size SUV/Crossover | $66,811 | $66,894 | $63,024 | -0.1% | 6.0% |
High Performance Car | $97,481 | $94,283 | $119,413 | 3.4% | -18.4% |
High-end Luxury Car | $92,800 | $91,135 | $91,702 | 1.8% | 1.2% |
Hybrid/Alternative Energy Car | $27,722 | $28,239 | $27,752 | -1.8% | -0.1% |
Luxury Car | $58,174 | $58,677 | $60,174 | -0.9% | -3.3% |
Luxury Compact SUV/Crossover | $46,563 | $46,679 | $46,819 | -0.2% | -0.5% |
Luxury Full-size SUV/Crossover | $89,524 | $89,205 | $89,980 | 0.4% | -0.5% |
Luxury Mid-size SUV/Crossover | $57,390 | $57,130 | $59,941 | 0.5% | -4.3% |
Luxury Subcompact SUV/Crossover | $39,882 | $40,144 | $39,521 | -0.7% | 0.9% |
Mid-size Car | $27,545 | $27,118 | $26,540 | 1.6% | 3.8% |
Mid-size Pickup Truck | $36,203 | $36,529 | $35,543 | -0.9% | 1.9% |
Mid-size SUV/Crossover | $39,969 | $39,607 | $39,067 | 0.9% | 2.3% |
Minivan | $33,495 | $33,951 | $34,803 | -1.3% | -3.8% |
Sports Car | $36,147 | $35,913 | $31,616 | 0.7% | 14.3% |
Subcompact Car | $16,511 | $16,833 | $17,064 | -1.9% | -3.2% |
Subcompact SUV/Crossover | $25,197 | $25,098 | $24,299 | 0.4% | 3.7% |
Van | $40,484 | $39,053 | $37,307 | 3.7% | 8.5% |
Grand Total | $38,723 | $38,700 | $37,783 | 0.1% | 2.5% |
*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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