Average new car transaction price hits $48,301 in August, setting new record
from Cox Automotive's Kelley Blue Book. Based on July's revised numbers, the ATP for a showroom queen hit a record $48,080. August took a look and said,"I'll see you, and raise you to $48,301." Sure, that's a mere 0.5% over July; however, it's 10.8% over the ATP from August 2021, representing an MSRP gain of $4,712. This comes despite inventory levels being 43% higher than they were last August.
Keep in mind, these ATP figures are estimates and liable to updates as more data comes in. Cox Automotive told us it"reports the previous month's numbers on about the 10th day after the previous month’s close and, at the same time, updates and revises the data for prior months. After about 3 months have passed, the data is stable, and revisions are rare. Because these are estimates, the long-term trends are the key takeaways from the reports.
Over the past few years we've seen the template of boutique automakers taking reservations and prioritizing the most profitable builds become standard procedure at OEMs. Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive, said,"New-vehicle inventory levels have been rising through August, now reaching the highest level since June 2021. However, supply of popular segments — like subcompacts,and EVs — still remain very low.
The product mix is getting plenty of help, admittedly. Sometimes a rising tide doesn't lift all boats, it drowns a marina and skews the wave data. Luxury buyers represent a near record 17.5% of the market, paying a record ATP of $65,935, which is $878 more than in July. KBB says luxury transaction prices are trending closer to sticker prices, but that's probably because MSRPs are going up.
Mass-market buyers are doing their own heavy lifting. The average buyer handed over $44,559 for a new non-luxury car in August, a record representing a meager $132 over July, but a head-shaking $1,102 average surplus over sticker.
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