Average Price of a New Car Rose 4% in 2020

The valuation analysts at Kelley Blue Book today reported the estimated average transaction price for a light vehicle in the United States was $38,635 in August 2020New-vehicle prices increased $1,442 (up 3.9%) from August 2019, while raising $72 (up 0.2%) from last month.

“New-car transaction prices flattened from last month. It is interesting to note, this is consistent with seasonal trends from 2017 to 2019, despite volatility earlier this year,” said Sara Richards, an analyst for Kelley Blue Book. “Supply and inventory are still expected to be a challenge in high demand segments going into the fall, due to factory shutdowns this past spring. Additionally, a potential second wave of shutdowns during the fall and winter seasons remains a concern.”

Manufacturer

August
2020
Transaction
Price
(Avg.)*

July

2020
Transaction
Price
(Avg.)*

August

2019
Transaction
Price
(Avg.)*

Percent
Change
July
2020 to
August
2020*

Percent
Change
August

2019 to

August

2020*

American Honda (Acura, Honda)

$29,343

$29,433

$28,526

-0.3%

2.9%

Fiat Chrysler (Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, RAM)

$43,305

$43,533

$40,772

-0.5%

6.2%

Ford Motor Company (Ford, Lincoln)

$45,033

$44,845

$42,376

0.4%

6.3%

General Motors (Buick, Cadillac, Chevrolet, GMC)

$42,866

$41,695

$42,370

2.8%

1.2%

Hyundai Kia

$28,217

$28,211

$27,134

0.0%

4.0%

Nissan North America (Nissan, INFINITI)

$30,769

$30,930

$30,274

-0.5%

1.6%

Subaru

$31,030

$31,159

$29,750

-0.4%

4.3%

Toyota Motor Company (Lexus, Toyota)

$35,801

$35,951

$34,233

-0.4%

4.6%

Volkswagen Group (Audi, Volkswagen, Porsche)

$42,481

$42,483

$42,578

0.0%

-0.2%

Industry

$38,635

$38,563

$37,193

0.2%

3.9%

*Kelley Blue Book average transaction prices do not include applied consumer incentives

Several automakers made great strides, including General Motors, which is the only automaker up nearly 3% from July 2020. Hyundai-Kia, Subaru, and Toyota all remain relatively flat from last month but showed strong year-over-year gains in excess of 4%, while Ford and Fiat Chrysler are both up more than 6% year-over-year.

Trucks are the big segment winners this month with average transaction prices up 3%. Major contributors to this lift include the GMC Canyon, Ford F-Series, and GMC Sierra. Non-luxury transaction prices ticked up about half a percent from last month and are now up more than 4% year-over-year, likely supported by continued strength in SUV and truck sales. The prices could correct if these vehicles begin to sell out, although momentum does not appear to be slowing.

Segment

August

2020

Transaction
Price
(Avg.)*

July

2020

Transaction
Price
(Avg.)*

August

2019
Transaction
Price
(Avg.)*

Percent
Change
July 2020
to August
2020*

Percent
Change
August

2019 to

August

2020*

Compact Car

$21,594

$21,564

$21,012

0.1%

2.8%

Compact SUV/Crossover

$30,263

$30,436

$29,583

-0.6%

2.3%

Electric Vehicle

$46,191

$47,312

$44,153

-2.4%

4.6%

Entry-level Luxury Car

$42,609

$42,734

$42,690

-0.3%

-0.2%

Full-size Car

$36,653

$36,409

$35,485

0.7%

3.3%

Full-size Pickup Truck

$52,489

$50,522

$50,541

3.9%

3.9%

Full-size SUV/Crossover

$65,807

$65,265

$62,634

0.8%

5.1%

High Performance Car

$104,252

$108,615

$96,403

-4.0%

8.1%

High-end Luxury Car

$92,137

$94,472

$97,613

-2.5%

-5.6%

Hybrid/Alternative Energy Car

$27,722

$27,443

$27,158

1.0%

2.1%

Luxury Car

$60,205

$59,843

$60,231

0.6%

0.0%

Luxury Compact SUV/Crossover

$46,404

$45,988

$46,595

0.9%

-0.4%

Luxury Full-size SUV/Crossover

$89,967

$90,100

$89,867

-0.1%

0.1%

Luxury Mid-size SUV/Crossover

$59,183

$59,573

$58,069

-0.7%

1.9%

Luxury Subcompact SUV/Crossover

$39,593

$39,362

$39,487

0.6%

0.3%

Mid-size Car

$26,517

$26,597

$25,962

-0.3%

2.1%

Mid-size Pickup Truck

$36,998

$37,350

$35,846

-0.9%

3.2%

Mid-size SUV/Crossover

$40,461

$40,439

$39,127

0.1%

3.4%

Minivan

$36,810

$37,000

$35,472

-0.5%

3.8%

Sports Car

$37,942

$37,756

$36,207

0.5%

4.8%

Subcompact Car

$17,418

$17,428

$16,836

-0.1%

3.5%

Subcompact SUV/Crossover

$25,180

$25,146

$24,552

0.1%

2.6%

Van

$39,236

$38,894

$37,500

0.9%

4.6%

Grand Total

$38,635

$38,563

$37,193

0.2%

3.9%

*Kelley Blue Book average transaction prices do not include applied consumer incentives


For more information and news from Kelley Blue Book’s KBB.com, visit www.kbb.com/media/, follow us on LinkedIn at https://www.linkedin.com/company/kelley-blue-book/, Twitter at www.twitter.com/kelleybluebook (or @kelleybluebook), like our page on Facebook at www.facebook.com/kbb  and follow us on Instagram at https://www.instagram.com/kbb_com/ (or @kbb_com).

Photo by Sarah Brown on Unsplash. Press release by KBB.

 

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