New data published by Cox Automotiveit is Kelley’s Blue Book shows the average transaction price, or ATP, for a new vehicle in the United States in July was higher than the previous record set in June. The ATP would have been higher at $48,182, up 0.03%, or $139, from last month.
The average transaction price remains high due to limited supply and strong demand, with the majority of dealerships still selling cars above MSRP. Some brands such as Honda, Kia, Hyundai and Land Rover are registering increases of between 5 and 8%.
The average amount off the list price paid by non-luxury car buyers was $875, down from the previous month. However, customers are paying more than they did in July 2021.
Last month, the average price for new non-luxury vehicles was $44,431, up $363 from June, another new record high. The new luxury vehicles arrived with an average price of $65,530, down $382 from the previous month.
The share of new luxury vehicles rose from 18.2% in June to 17.8% in July. The average price of a new electric vehicle also fell but remained 18.8% higher than the previous year. Incentives have increased slightly but remain low, at an average of 2.4% of ATP compared to 5.9% for buyers in 2021.
The supply of new vehicle inventory days held steady through the mid-1930s, a 27% year-over-year increase.
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