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Average new vehicle transaction prices decreased slightly in September — Cox Automotive

New data from Cox Automotive shows average new vehicle transaction prices (ATPs) declined from August to September but remained well above sticker price.

According to Kelley Blue Book, a Cox Automotive company, ATPs decreased to $48,094 in September, down from August’s record high of $48,240. That marks a 0.3% decline month-over-month from August but a 6.1% increase year-over-year from September 2021.

The results for September mark a record 16 straight months where average new vehicle transaction prices were higher than the average manufacturer’s suggested retail price (MSRP).

Rebecca Rydzewski, Research Manager of Economic and Industry Insights for Cox Automotive, said that “interest rates and average monthly payments were up in September, which means affordability worsened.”

“With prices still well above MSRP and incentives from automakers still low, sales in September continued to struggle as consumers weighed their vehicle-buying options,” Rydzewski added.

Luxury vehicle shares remain historically high, increasing to 18% in September, leading partly to elevated new vehicle transaction prices. The average buyer paid $65,775 for a luxury vehicle in September, a decrease of $60 from August’s record high of $65,835.

The average price for a new non-luxury vehicle decreased by $256 month-over-month for September, coming in at $44,215. Buyers in this segment paid an average of $829 above sticker price. The average price for a new electric vehicle declined by 1.8% from August to September, reaching $65,291.

Incentives decreased to 2.1% of the average transaction price in September, a new record low. Incentives in September of 2021 were more than double that rate, at 5.2% of ATP. Full-size and luxury cars had the highest incentives, while high-performance cars, vans, electric vehicles, luxury full-size SUVs, and crossovers had incentives of less than 1% of ATP.

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