The average price paid for a new vehicle in the U.S. in June was the highest on record. This marked the first time the average transaction price (ATP) surpassed $48,000 , according to new data released by Kelley Blue Book.
The new-vehicle ATP increased to $48,043 in June 2022, beating the previous high of $47,202 set in December 2021. In general, June prices rose 1.9% from May and were up 12.7% from June of last year.
However, customer demand remains strong given continued supply issues. These conditions enabled most dealers to continue selling inventory at or above the manufacturer’s suggested retail price (MSRP). The average price paid for a new vehicle has been “over sticker” throughout 2022. In June, new vehicles from Honda, Kia and Mercedes-Benz were transacting on average between 6.5% and 8.7% over MSRP.
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The average price paid for a new non-luxury vehicle last month was $43,942, up $615 from May, the highest price for a non-luxury vehicle on record. Car shoppers in the non-luxury segment paid on average $1,017 above sticker price. Consumers have paid roughly $1,000 more than MSRP in each month of 2022, versus only $158 over MSRP in June 2021.
“While prices for the industry are, on average, higher than MSRP, there are some non-luxury segments that are more affordable such as compact cars and compact SUVs/crossovers,” said Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive. “These segments are selling for more than 30% less than the industry average transaction price.”
The average price paid for a new electric vehicle (EV) increased in June by 3.8% compared to May and 13.7% versus a year ago. The average price for a new electric vehicle–over $66,000, according to Kelley Blue Book estimates, is well above the industry average and more aligned with luxury prices versus mainstream prices. Hybrid/alternative energy vehicles are selling at just over $39,000 in June, a $3,593 increase over May, and an $8,453 increase versus a year ago. High gas prices are driving consumers to consider electric vehicles, hybrids and smaller, more fuel-efficient gas-powered models.
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