According to the latest information data According to Cox Automotive’s Kelley Blue Book, average new car prices have continued to rise for the fourth consecutive month, with averages reaching near historic highs starting in December 2022.
The average transaction price (ATP) for new cars typically peaks in December, when high-priced models from luxury brands tend to sell well. However, December new car ATP was unexpected, increasing 1.3% year-on-year and 1.5% year-on-year to $49,740. November 2024.
Cox Automotive Executive Analyst erin keating He highlighted the unprecedented surge in sales volumes and prices in December. combination of Post-election relief, lower interest rates, and increased consumer confidence played a significant role in determining consumer behavior.
The average incentive package for new cars was about the same as before. November, land at an average of $3,958 or 8% of ATP. However, it increased by 44% compared to December 2023, mainly due to recovery from inventory shortages.
Volkswagen, Ram, and Nissan offered the largest incentives of all automakers, offering more than 13% off ATP. Toyota, Land Rover, and Porsche were the least generous, and their incentives ranked among the lowest in the industry.
As expected, ATP rose in December due to strong sales of electric vehicles. The average transaction price rose to $55,544, an increase of 0.8% year-over-year and 1.1% month-over-month.
EV incentives averaged 14.3% of ATP, down slightly from 14.7% in November.
However, in an effort to increase consumer adoption, EV incentive packages remained high, averaging over $6,700 per sale. These generous incentive packages will help the industry record sales volume Last year it was 1.3 million people.
