Average New-Vehicle Prices Rise More Than $2,000 from Last Year, Hitting All-Time Record High for May, According to Kelley Blue Book
IRVINE, Calif., June 22, 2021 /PRNewswire/ -- The estimated average transaction price for a light vehicle in the United States was $41,263 in May 2021, according to the analysts at Kelley Blue Book. New-vehicle prices increased $2,125 (up 5.4%) from May 2020, while increasing $493 (up 1.2%) from April 2021.
"Last month's average transaction price performance highlights an all-time high in year-over-year growth for the month of May," said Kayla Reynolds, industry intelligence analyst at Cox Automotive. "Many manufacturers reported year-over-year gains in average transaction prices. The largest increase came from Mitsubishi, up 12% from this time last year."
Manufacturer | May 2021 Transaction | April 2021 Transaction | May 2020 | Percent April 2021 to May 2021* | Percent 2020 to |
American Honda (Acura, Honda) | $32,564 | $32,062 | $29,412 | 1.60% | 10.70% |
BMW Group | $58,062 | $57,747 | $57,243 | 0.50% | 1.40% |
Daimler | $65,396 | $64,893 | $61,600 | 0.80% | 6.20% |
Stellantis (Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, Ram) | $48,093 | $46,888 | $43,191 | 2.60% | 11.30% |
Ford Motor Company (Ford, Lincoln) | $45,802 | $47,031 | $45,508 | -2.60% | 0.60% |
General Motors (Buick, Cadillac, Chevrolet, GMC) | $48,544 | $46,801 | $43,784 | 3.70% | 10.90% |
Hyundai Kia | $31,118 | $30,755 | $29,040 | 1.20% | 7.20% |
Mazda | $30,914 | $30,565 | $29,656 | 1.10% | 4.20% |
Mitsubishi | $25,221 | $23,873 | $22,525 | 5.60% | 12.00% |
Nissan North America (Nissan, INFINITI) | $32,554 | $31,320 | $32,680 | 3.90% | -0.40% |
Subaru | $33,525 | $32,467 | $31,131 | 3.30% | 7.70% |
Tesla Motors | $52,560 | $50,705 | $57,617 | 3.70% | -8.80% |
Toyota Motor Company (Lexus, Toyota) | $37,267 | $36,349 | $35,519 | 2.50% | 4.90% |
Volkswagen Group (Audi, Volkswagen, Porsche) | $46,356 | $45,598 | $44,096 | 1.70% | 5.10% |
Volvo North America | $52,148 | $50,691 | $48,291 | 2.90% | 8.00% |
Industry | $41,263 | $40,770 | $39,138 | 1.21% | 5.43% |
*Kelley Blue Book average transaction prices do not include applied consumer incentives | |||||
As one of the most affordable manufacturers with the lowest average transaction price in May Mitsubishi reported recovery within the retail space moving into the second quarter of the year. A majority of the models within the Mitsubishi lineup experienced year-over-year average transaction price increases in May 2021. The latest Outlander and Outlander PHEV are Mitsubishi's highest-priced vehicles, with MSRPs starting at $25,795 for the 2022 Outlander and $36,295 for the 2021 Outlander PHEV. Overall, the Outlander model line saw sales more than double for May 2021 when compared to May 2020. The inclusion of the PHEV trim level within the model lineup aided sales and pricing gains.
Despite the large gap in average transaction prices for luxury and non-luxury segments in May 2021, non-luxury vehicles had a larger year-over-year price increase at 4.9% (up $1,805), while luxury vehicles climbed 2.9%, or $1,597, from this time last year. Standard full-size SUVs and pickup trucks contributed to the growth among non-luxury segments. The third and fourth highest-priced models within the segment include the GMC Yukon XL ($79,695) and Yukon ($77,031), both priced substantially above the industry and segment average.
Segment | May 2021 Transaction | April 2021 Transaction | May 2020 | Percent April 2021 May 2021* | Percent 2020 to | |
Compact Car | $23,403 | $22,796 | $22,395 | 2.70% | 4.50% | |
Compact SUV/Crossover | $31,580 | $31,034 | $30,148 | 1.80% | 4.70% | |
Electric Vehicle | $52,486 | $51,518 | $58,863 | 1.90% | -10.80% | |
Entry-level Luxury Car | $47,548 | $47,426 | $44,707 | 0.30% | 6.40% | |
Full-size Car | $40,774 | $39,898 | $38,315 | 2.20% | 6.40% | |
Full-size Pickup Truck | $56,200 | $55,727 | $52,274 | 0.80% | 7.50% | |
Full-size SUV/Crossover | $68,970 | $68,386 | $62,647 | 0.90% | 10.10% | |
High Performance Car | $95,797 | $94,826 | $110,326 | 1.00% | -13.20% | |
High-end Luxury Car | $105,124 | $101,362 | $102,912 | 3.70% | 2.10% | |
Hybrid/Alternative Energy Car | $30,875 | $30,159 | $28,230 | 2.40% | 9.40% | |
Luxury Car | $68,746 | $68,244 | $63,147 | 0.70% | 8.90% | |
Luxury Compact SUV/Crossover | $48,111 | $47,762 | $46,305 | 0.70% | 3.90% | |
Luxury Full-size SUV/Crossover | $98,209 | $97,845 | $88,950 | 0.40% | 10.40% | |
Luxury Mid-size SUV/Crossover | $65,024 | $63,265 | $61,073 | 2.80% | 6.50% | |
Luxury Subcompact SUV/Crossover | $42,064 | $40,686 | $39,176 | 3.40% | 7.40% | |
Mid-size Car | $29,513 | $28,769 | $27,198 | 2.60% | 8.50% | |
Mid-size Pickup Truck | $40,291 | $39,244 | $37,370 | 2.70% | 7.80% | |
Mid-size SUV/Crossover | $43,095 | $42,290 | $40,535 | 1.90% | 6.30% | |
Minivan | $42,105 | $41,142 | $36,471 | 2.30% | 15.40% | |
Sports Car | $42,173 | $41,667 | $39,248 | 1.20% | 7.50% | |
Subcompact Car | $20,004 | $19,295 | $18,592 | 3.70% | 7.60% | |
Subcompact SUV/Crossover | $27,351 | $27,018 | $25,280 | 1.20% | 8.20% | |
Van | $41,802 | $41,408 | $40,371 | 1.00% | 3.50% | |
Industry | $41,263 | $40,770 | $39,138 | 1.21% | 5.43% | |
*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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