New-vehicle prices increased $940 (up 2.5%) from September 2019, while rising $23 (up 0.1%) from last month.
"New-car transaction prices have climbed year-over-year, but remained flat for the past few months," said Sara Richards, an analyst for Kelley Blue Book. "This may indicate supply challenges experienced over spring and summer have been corrected and OEMs are finally able to build up stock. If automakers seek to recover sales lost earlier in the year, incentives could climb dramatically and transaction prices could remain flat or even dip in the future."
Honda, Fiat Chrysler, Ford, Hyundai and Kia, Subaru and Toyota all reported strong, greater than 4% year-over-year gains, despite relatively little change month-over-month.
Specifically, for Toyota the RAV4 was the biggest driver. They had a significant redesign this past year, contributing to an 18% lift in transaction prices year-over-year.
Non-luxury and luxury vehicles are relatively flat month-over-month; however, the year-over-year story is completely different. Non-luxury transaction prices are up 3.9%, while luxury prices are down 3%.
Source: Kelley Blue Book