Average New-Vehicle Prices Hit All-Time High, According to Kelley Blue Book
IRVINE, Calif., July 19, 2021 /PRNewswire/ --The estimated average transaction price (ATP) for a light vehicle in the United States was $42,258 in June 2021, according to the analysts at Kelley Blue Book. New-vehicle prices increased $2,527 (up 6.4%) from June 2020, while increasing $928 (up 2.2%) from May 2021.
"Despite unprecedented low incentives and inventory levels in June, last month showcased more historically high average transaction prices, reaching an all-new record," said Kayla Reynolds, industry intelligence analyst at Cox Automotive. "New-vehicle affordability continues to decline as the income required to purchase the average new vehicle continues to climb. In June, for the first time in a decade, vehicle buyers were essentially paying sticker price – the manufacturer's suggested retail price – for new vehicles."
Manufacturer | June 2021 Transaction Price (Avg.)* | May 2021 Transaction Price (Avg.)* | June 2020 Transaction Price (Avg.)* | Percent Change May 2021 to June 2021* | Percent Change June 2020 to June 2021* |
American Honda (Acura, Honda) | $33,064 | $32,591 | $30,216 | 1.50% | 9.40% |
BMW Group | $58,838 | $57,879 | $57,137 | 1.70% | 3.00% |
Daimler | $63,194 | $65,312 | $60,673 | -3.20% | 4.20% |
Stellantis (Alfa Romeo, Chrysler, Dodge, Fiat, | $49,762 | $48,149 | $42,960 | 3.30% | 15.80% |
Ford Motor Company (Ford, Lincoln) | $50,412 | $45,831 | $46,005 | 10.00% | 9.60% |
General Motors (Buick, Cadillac, Chevrolet, GMC) | $48,700 | $48,555 | $42,749 | 0.30% | 13.90% |
Hyundai Kia | $31,793 | $31,115 | $29,099 | 2.20% | 9.30% |
Mazda | $31,563 | $30,892 | $29,858 | 2.20% | 5.70% |
Mitsubishi | $26,609 | $25,225 | $22,487 | 5.50% | 18.30% |
Nissan North America (Nissan, INFINITI) | $32,735 | $32,536 | $32,193 | 0.60% | 1.70% |
Subaru | $35,219 | $33,507 | $31,522 | 5.10% | 11.70% |
Tesla Motors** | $47,772 | $52,553 | $55,541 | -9.10% | -14.00% |
Toyota Motor Company (Lexus, Toyota) | $38,467 | $37,259 | $36,466 | 3.20% | 5.50% |
Volkswagen Group (Audi, Volkswagen, Porsche) | $53,188 | $52,170 | $48,715 | 2.00% | 9.20% |
Volvo North America | $49,059 | $47,529 | $45,659 | 3.20% | 7.40% |
Industry | $42,258 | $41,330 | $39,731 | 2.24% | 6.36% |
*Kelley Blue Book average transaction prices do not include applied consumer incentives **Tesla Motors did not report price numbers for two of its models (Model S and Model X). This heavily skewed the manufacturer's average transaction price comparisons year-over-year and month-over-month. | |||||
According to Kelley Blue Book, the record-high ATP of $42,258 in June was 99.9% of the average MSRP of $42,290. For comparison, in January of this year, ATP was 95.9% of MSRP; one year ago, it was 95.4%.
Every vehicle manufacturer except Tesla—see note above—showed year-over-year growth in average transaction prices in June, with Stellantis seeing the second-largest increase (up 15.8%), just behind Mitsubishi, which climbed 18.3%. The majority of the models in Stellantis' lineup saw increases from this time last year. The Jeep Wrangler and RAM Pickup, two of the automaker's best-selling models, saw double-digit increases compared to June 2020. Despite inventory concerns, the RAM Pickup outsold many of its counterparts last month with a 13.8% price increase from last year.
At the segment level, non-luxury models continue to make significant gains compared to luxury models, up 7% versus 2.9% respectively. The availability and price increase of the mid-size and full-size car categories attributed to the non-luxury segment's growth in average transaction prices. The Honda Accord saw its average transaction price increase substantially above the industry and segment average at 14%. Still, even with the substantial price increase, Honda Accord sales increased 35% compared to June 2020.
Segment | June 2021 Transaction Price (Avg.)* | May 2021 Transaction Price (Avg.)* | June 2020 Transaction Price (Avg.)* | Percent Change May 2021 to June 2021* | Percent Change June 2020 to June 2021* |
Compact Car | $23,903 | $23,411 | $22,466 | 2.10% | 6.40% |
Compact SUV/Crossover | $32,258 | $31,592 | $30,594 | 2.10% | 5.40% |
Electric Vehicle | $49,766 | $52,732 | $57,480 | -5.60% | -13.40% |
Entry-level Luxury Car | $47,684 | $47,436 | $44,719 | 0.50% | 6.60% |
Full-size Car | $42,617 | $40,795 | $38,581 | 4.50% | 10.50% |
Full-size Pickup Truck | $57,267 | $56,261 | $52,691 | 1.80% | 8.70% |
Full-size SUV/Crossover | $68,173 | $68,929 | $63,625 | -1.10% | 7.10% |
High Performance Car | $103,300 | $101,211 | $114,000 | 2.10% | -9.40% |
High-end Luxury Car | $106,341 | $105,146 | $101,139 | 1.10% | 5.10% |
Hybrid/Alternative Energy Car | $30,589 | $30,790 | $28,055 | -0.70% | 9.00% |
Luxury Car | $66,370 | $67,949 | $62,686 | -2.30% | 5.90% |
Luxury Compact SUV/Crossover | $49,019 | $48,133 | $46,621 | 1.80% | 5.10% |
Luxury Full-size SUV/Crossover | $99,700 | $98,202 | $90,375 | 1.50% | 10.30% |
Luxury Mid-size SUV/Crossover | $65,874 | $65,331 | $63,534 | 0.80% | 3.70% |
Luxury Subcompact SUV/Crossover | $42,505 | $42,044 | $39,475 | 1.10% | 7.70% |
Mid-size Car | $30,281 | $29,510 | $27,214 | 2.60% | 11.30% |
Mid-size Pickup Truck | $41,105 | $40,314 | $38,361 | 2.00% | 7.20% |
Mid-size SUV/Crossover | $43,623 | $43,107 | $40,845 | 1.20% | 6.80% |
Minivan | $43,033 | $42,138 | $36,531 | 2.10% | 17.80% |
Sports Car | $43,464 | $42,457 | $40,399 | 2.40% | 7.60% |
Subcompact Car | $20,646 | $19,920 | $19,059 | 3.60% | 8.30% |
Subcompact SUV/Crossover | $27,453 | $27,338 | $25,574 | 0.40% | 7.30% |
Van | $41,800 | $41,867 | $42,244 | -0.20% | -1.10% |
Industry | $42,258 | $41,330 | $39,731 | 2.24% | 6.36% |
*Kelley Blue Book average transaction prices do not include applied consumer incentives | |||||
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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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