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Tuesday, 17 August 2021 18:19

Automobile Prices Hit All-Time High in July; Purchase Incentives Continue to Drop

Index

...$100,000 this year. The luxury automaker Genesis, with a new SUV in the showroom, posted year-over-year price gains of 28% for last month. Even Chevrolet and Ford delivered year-over-year gains of 14% and 15%, respectively.

 

Porsche and Tesla were the only brands that posted price drops from year-ago levels, although the Tesla ATP has been skewed by incomplete data.

 

Non-luxury vehicles showed an 8% year-over-year price increase to $39,865, while the luxury segment saw prices jump 5.8% to $57,546. Vehicle segments with the largest year-over-year increases include hybrids and plug-in hybrid vehicles, luxury full-size SUVs and mid-size cars.

 

The single biggest year-over-year price jump was in the reignited minivan market, where new entries from Toyota and Kia, combined with low inventory, have been driving prices up all year. Families beware: Minivan ATPs have jumped up nearly 17% from year-ago levels, and incentives are well below industry average.

 

Source: Kelley Blue Book

 

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