New data released by Cox Automotive‘s Kelley Blue Book shows the average transaction price, or ATP, for a new vehicle in the US in July was higher than the previous record set in June. The ATP was reported to be above $48,182, up .03%, or $139, from last month.
Average transaction price continues to be high due to limited supply and strong demand, with the majority of dealers still selling cars for more than MSRP. Some brands like Honda, Kia, Hyundai, and Land Rover are seeing increases between 5-8%.
The average amount over sticker 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. New luxury vehicles came in with an average price of $65,530, a decrease of $382 from the previous month.
New luxury vehicle share decreased from 18.2% in June to 17.8% in July. The average price for a new electric vehicle also dropped but remained 18.8% higher than the previous year. Incentives increased slightly but remain low, at an average of 2.4% of the ATP versus the 5.9% buyers saw in 2021.
New vehicle inventory days supply stayed steady in the mid-30s, a 27% increase year-over-year.
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