IRVINE, Calif., April 1, 2020 /PRNewswire/ -- The valuation
analysts at Kelley Blue Book today reported the estimated average
transaction price for a light vehicle in the United States was $37,736 in March
2020. New-vehicle prices increased $972 (up 2.6%) from March
2019, while dropped $38 (down
0.1%) from last month.
"While the automotive industry and broader U.S. economy were
brought to a near halt in March, average transaction prices
remained stable from February and increased from this time last
year, showing strength in line with the first two months of the
year," said Tim Fleming, analyst for
Kelley Blue Book. "Prices were supported by the abundance of
incentives quickly enacted by manufacturers and their captive
finance companies, including 0% financing for 84 months and payment
deferrals of up to 180 days."
With most of the country encouraged to stay at home for at least
another month and unemployment skyrocketing as a result, the impact
of this year's auto sales will be severe. However, production is
also at a standstill, as North American factories have been shut
down for weeks. This coincidental drop in demand and lack of new
supply is extraordinary. For March, new-vehicle prices remain
solid, but there are still many unknowns about April and what the
state of the economy will be for the remainder of the year.
Manufacturer
|
March
2020
Transaction
Price (Avg.)*
|
February
2020
Transaction
Price (Avg.)*
|
March
2019
Transaction
Price (Avg.)*
|
Percent
Change
February
2020 to
March
2020*
|
Percent
Change
March
2019 to
March
2020*
|
American
Honda (Acura, Honda)
|
$28,999
|
$29,057
|
$28,840
|
-0.2%
|
0.5%
|
Fiat Chrysler (Alfa Romeo, Chrysler, Dodge,
Fiat, Jeep, RAM)
|
$40,881
|
$40,765
|
$38,858
|
0.3%
|
5.2%
|
Ford Motor
Company (Ford, Lincoln)
|
$43,253
|
$43,580
|
$42,271
|
-0.7%
|
2.3%
|
General
Motors (Buick, Cadillac, Chevrolet, GMC)
|
$41,072
|
$41,153
|
$40,258
|
-0.2%
|
2.0%
|
Hyundai Kia
|
$27,931
|
$27,976
|
$25,669
|
-0.2%
|
8.8%
|
Nissan North
America (Nissan, INFINITI)
|
$30,742
|
$31,023
|
$29,164
|
-0.9%
|
5.4%
|
Subaru
|
$31,125
|
$30,952
|
$30,151
|
0.6%
|
3.2%
|
Toyota Motor
Company (Lexus, Toyota)
|
$34,098
|
$34,029
|
$33,740
|
0.2%
|
1.1%
|
Volkswagen
Group (Audi, Volkswagen, Porsche)
|
$42,526
|
$42,299
|
$42,648
|
0.5%
|
-0.3%
|
Industry
|
$37,736
|
$37,774
|
$36,764
|
-0.1%
|
2.6%
|
*Kelley Blue Book
average transaction prices do not include applied consumer
incentives
|
Hyundai and Kia are still seeing the biggest gains for the major
manufacturers as Hyundai rose 13% and Kia was up 5%. The redesigned
Sonata helped Hyundai the most as it climbed 13% and second place
in the mid-size car segment behind the Subaru Legacy. In
March 2019, the Sonata had the lowest
ATP in the segment. In addition, the Palisade continues to perform
well, making up more than 10% of Hyundai sales with transaction
prices above $40,000. At Kia, the
Telluride rose 7% year-over-year, while the redesigned Soul was up
4%.
At the segment level, cars continue to suffer – in addition to
falling sales and market share, average transaction prices were
roughly flat in March and down year-to-date. In a month where oil
prices dropped to about $20 per
barrel and gas prices to $2 per
gallon nationally, no segment was hurt worse than hybrid cars,
which fell nearly 3%. Electric vehicles did see prices rise, but
that was tied more to the Audi e-tron, which was not available at
this time last year. Prices of full-size SUVs, a segment that
usually performs well when gas prices are low, were up just 1%.
However, General Motors' SUVs (Tahoe, Suburban, Yukon, and Yukon XL), which together make up
more than half of the segment sales, have redesigns on their way in
the coming months.
Segment
|
March
2020
Transaction
Price
(Avg.)*
|
February
2020
Transaction
Price
(Avg.)*
|
March
2019
Transaction
Price
(Avg.)*
|
Percent
Change
February
2020 to
March
2020*
|
Percent
Change
March
2019 to
March
2020*
|
Compact
Car
|
$21,193
|
$21,063
|
$20,588
|
0.6%
|
2.9%
|
Compact
SUV/Crossover
|
$29,941
|
$30,075
|
$29,393
|
-0.4%
|
1.9%
|
Electric
Vehicle
|
$43,173
|
$44,867
|
$38,899
|
-3.8%
|
11.0%
|
Entry-level Luxury
Car
|
$42,345
|
$42,274
|
$43,028
|
0.2%
|
-1.6%
|
Full-size
Car
|
$35,178
|
$35,045
|
$35,116
|
0.4%
|
0.2%
|
Full-size Pickup
Truck
|
$50,075
|
$49,898
|
$50,160
|
0.4%
|
-0.2%
|
Full-Size
SUV/Crossover
|
$63,269
|
$63,082
|
$62,525
|
0.3%
|
1.2%
|
High Performance
Car
|
$114,464
|
$114,504
|
$109,880
|
0.0%
|
4.2%
|
High-end Luxury
Car
|
$95,859
|
$97,665
|
$98,645
|
-1.8%
|
-2.8%
|
Hybrid/Alternative
Energy Car
|
$27,433
|
$27,442
|
$28,229
|
0.0%
|
-2.8%
|
Luxury Car
|
$59,257
|
$59,340
|
$60,676
|
-0.1%
|
-2.3%
|
Luxury Compact
SUV/Crossover
|
$47,247
|
$46,838
|
$46,726
|
0.9%
|
1.1%
|
Luxury Full-size
SUV/Crossover
|
$87,818
|
$88,157
|
$88,165
|
-0.4%
|
-0.4%
|
Luxury Mid-size
SUV/Crossover
|
$59,413
|
$59,784
|
$59,365
|
-0.6%
|
0.1%
|
Luxury Subcompact
SUV/Crossover
|
$39,194
|
$39,384
|
$39,181
|
-0.5%
|
0.0%
|
Mid-size
Car
|
$26,202
|
$26,166
|
$25,891
|
0.1%
|
1.2%
|
Mid-size Pickup
Truck
|
$35,681
|
$35,927
|
$34,086
|
-0.7%
|
4.7%
|
Mid-size
SUV/Crossover
|
$39,686
|
$39,937
|
$38,594
|
-0.6%
|
2.8%
|
Minivan
|
$35,348
|
$35,436
|
$34,682
|
-0.2%
|
1.9%
|
Sports Car
|
$36,360
|
$36,035
|
$35,929
|
0.9%
|
1.2%
|
Subcompact
Car
|
$17,086
|
$17,140
|
$16,413
|
-0.3%
|
4.1%
|
Subcompact
SUV/Crossover
|
$24,761
|
$24,683
|
$25,004
|
0.3%
|
-1.0%
|
Van
|
$36,443
|
$36,632
|
$35,615
|
-0.5%
|
2.3%
|
Grand
Total
|
$37,736
|
$37,774
|
$36,764
|
-0.1%
|
2.6%
|
*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).
About Kelley Blue Book (www.kbb.com)
Founded in 1926, Kelley Blue Book, The Trusted
Resource®, is the vehicle valuation and information
source trusted and relied upon by both consumers and the automotive
industry. Each week the company provides market-reflective
values on its top-rated website KBB.com, including its famous
Blue Book® Trade-In Values and Kelley Blue
Book® Price Advisor tool, which provides a range
for what consumers can reasonably expect to pay for a vehicle in
their area. Car owners looking to sell immediately can also
get a redeemable, transaction-ready offer with Kelley Blue
BookSM Instant Cash Offer. The company also
provides vehicle pricing and values through various products and
services available to car dealers, auto manufacturers, finance and
insurance companies, and governmental agencies. Kelley
Blue Book is a Cox Automotive brand.
About Cox Automotive
Cox Automotive Inc. makes buying, selling, owning and using cars
easier for everyone. The global company's 34,000-plus team members
and family of brands, including Autotrader®, Clutch
Technologies, Dealer.com®, Dealertrack®,
Kelley Blue Book®, Manheim®, NextGear
Capital®, VinSolutions®,
vAuto® and Xtime®, are
passionate about helping millions of car shoppers, 40,000 auto
dealer clients across five continents and many others throughout
the automotive industry thrive for generations to come. Cox
Automotive is a subsidiary of Cox Enterprises Inc., a
privately-owned, Atlanta-based
company with revenues of $21 billion. www.coxautoinc.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/average-new-vehicle-prices-up-nearly-3-year-over-year-in-march-2020-despite-covid-19-impact-on-the-economy-according-to-kelley-blue-book-301033227.html
SOURCE Kelley Blue Book