Average New-Vehicle Prices Continue to Climb, up 2.2% Year Over Year for April 2021, According to Kelley Blue Book
Volkswagen Strength Driven by Best-Selling Models; Tesla Falls on Price Declines for Its Most Expensive Vehicles
IRVINE, Calif., May 18, 2021 /PRNewswire/ -- The estimated average transaction price for a light vehicle in the United States was $40,768 in April 2021, according to the analysts at Kelley Blue Book. New-vehicle prices increased $864 (up 2.2%) from April 2020, while increasing $92 (up 0.23%) from March 2021.
"Comparing the market to this time last year when COVID-19 brought the industry to a halt, highlights an increase in demand, sales, and vehicle prices all have contributed to continually rising transaction prices," said Kayla Reynolds, industry intelligence analyst at Cox Automotive. "Many manufacturers reported year-over-year growth in average transaction prices with Volkswagen Group seeing the largest increase year over year (up 9%), while Tesla had the greatest decrease from last year, down 10.3%."
Manufacturer | April 2021 Transaction Price (Avg.)* | March 2021 Transaction Price (Avg.)* | April 2020 Transaction Price (Avg.)* | Percent Change March 2021 to April 2021* | Percent Change April 2020 to April 2021* |
American Honda (Acura, Honda) | $32,035 | $32,091 | $29,445 | -0.20% | 8.80% |
BMW Group | $57,777 | $59,557 | $57,489 | -3.00% | 0.50% |
Daimler | $64,900 | $64,241 | $63,159 | 1.00% | 2.80% |
Stellantis (Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, Ram) | $46,885 | $45,628 | $44,567 | 2.80% | 5.20% |
Ford Motor Company (Ford, Lincoln) | $46,992 | $47,991 | $44,755 | -2.10% | 5.00% |
General Motors (Buick, Cadillac, Chevrolet, GMC) | $46,800 | $45,090 | $44,273 | 3.80% | 5.70% |
Hyundai Kia | $30,753 | $30,648 | $28,584 | 0.30% | 7.60% |
Mazda | $30,529 | $30,441 | $29,604 | 0.30% | 3.10% |
Mitsubishi | $23,834 | $22,840 | $22,585 | 4.40% | 5.50% |
Nissan North America (Nissan, INFINITI) | $31,306 | $30,877 | $32,875 | 1.40% | -4.80% |
Subaru | $32,495 | $32,068 | $31,382 | 1.30% | 3.50% |
Tesla Motors | $50,705 | $57,996 | $56,508 | -12.60% | -10.30% |
Toyota Motor Company (Lexus, Toyota) | $36,377 | $36,266 | $35,338 | 0.30% | 2.90% |
Volkswagen Group (Audi, Volkswagen, Porsche) | $45,649 | $46,869 | $41,880 | -2.60% | 9.00% |
Volvo North America | $50,514 | $50,018 | $48,455 | 1.00% | 4.20% |
Industry | $40,768 | $40,676 | $39,904 | 0.23% | 2.2% |
*Kelley Blue Book average transaction prices do not include applied consumer incentives | |||||
The strength of the Volkswagen brand, up 6.8%, was driven by its two best-selling models, the Atlas and Tiguan, both increasing approximately $3,000 on average since last year. Audi, up 6.7%, reported a 30% year-over-year increase in the average transaction price of its second-highest-priced model, the A7, which also increased in sales from April 2020.
While Volkswagen's transaction prices rose last month, the story was different for Tesla. The Model X and Model Y, the brand's two most expensive vehicles, dropped 9% in average transaction prices from last year.
At the segment level, luxury full-size SUVs and crossovers had the largest year-over-year growth (up 14.4%). Luxury full-size utility vehicles posted the second-highest average transaction prices at $98,017, just behind high-end luxury cars. All models in the luxury full-size utility segment experienced an increase, including the Cadillac Escalade, Lincoln Navigator, Lexus LX, Land Rover Range Rover and more. More than half of the vehicles in this segment also experienced large gains in sales year over year.
Electric vehicle prices dropped 10.8% year over year, driven mostly by the drop in Tesla transaction prices. The electric vehicle segment average decline, down more than $6,000, was due to the introduction of more reasonably priced electric vehicles recently hitting the market, including the Volkswagen ID.4 and Mustang Mach-E
Segment
| April 2021 Transaction Price (Avg.)* | March 2021 Transaction Price (Avg.)* | April 2020 Transaction Price (Avg.)* | Percent Change March 2021 to April 2021* | Percent Change April 2020 to April 2021* | |
Compact Car | $22,798 | $22,462 | $22,332 | 1.50% | 2.10% | |
Compact SUV/Crossover | $31,033 | $30,757 | $29,890 | 0.90% | 3.80% | |
Electric Vehicle | $51,532 | $56,714 | $57,757 | -9.10% | -10.80% | |
Entry-level Luxury Car | $47,627 | $47,150 | $44,383 | 1.00% | 7.30% | |
Full-size Car | $40,326 | $39,818 | $39,208 | 1.30% | 2.90% | |
Full-size Pickup Truck | $55,664 | $55,369 | $52,022 | 0.50% | 7.00% | |
Full-size SUV/Crossover | $68,430 | $67,151 | $60,780 | 1.90% | 12.60% | |
High Performance Car | $94,899 | $103,964 | $98,711 | -8.70% | -3.90% | |
High-end Luxury Car | $100,974 | $99,581 | $103,948 | 1.40% | -2.90% | |
Hybrid/Alternative Energy Car | $30,209 | $30,383 | $27,990 | -0.60% | 7.90% | |
Luxury Car | $68,912 | $69,283 | $62,813 | -0.50% | 9.70% | |
Luxury Compact SUV/Crossover | $47,768 | $47,806 | $46,967 | -0.10% | 1.70% | |
Luxury Full-size SUV/Crossover | $98,017 | $96,114 | $85,703 | 2.00% | 14.40% | |
Luxury Mid-size SUV/Crossover | $63,227 | $63,178 | $62,989 | 0.10% | 0.40% | |
Luxury Subcompact SUV/Crossover | $40,638 | $40,106 | $38,919 | 1.30% | 4.40% | |
Mid-size Car | $28,781 | $28,271 | $26,854 | 1.80% | 7.20% | |
Mid-size Pickup Truck | $39,249 | $38,608 | $36,611 | 1.70% | 7.20% | |
Mid-size SUV/Crossover | $42,261 | $41,775 | $40,480 | 1.20% | 4.40% | |
Minivan | $41,112 | $40,902 | $36,449 | 0.50% | 12.80% | |
Sports Car | $41,564 | $41,422 | $39,874 | 0.30% | 4.20% | |
Subcompact Car | $19,265 | $18,713 | $18,603 | 3.00% | 3.60% | |
Subcompact SUV/Crossover | $27,028 | $26,416 | $25,064 | 2.30% | 7.80% | |
Van | $41,358 | $42,017 | 39,586 | -1.60% | 4.50% | |
Industry | $40,768 | $40,676 | $39,904 | 0.23% | 2.2% | |
*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 vehicles easier for everyone. The global company's more than 27,000 team members and family of brands, including Autotrader®, Dealer.com®, Dealertrack®, Dickinson Fleet Services, 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 annual revenues of nearly $20 billion. www.coxautoinc.com
SOURCE Kelley Blue Book
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