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Automotive Industry:United States: Difference between revisions
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* The average transaction price of a new vehicle in March declined 0.9% from February to an initial estimate of $47,255, the lowest average price since April 2022, according to Kelley Blue Book. <ref>https://www.coxautoinc.com/market-insights/auto-market-weekly-summary-04-08-24/</ref> | * '''The average transaction price of a new vehicle in March declined 0.9% from February to an initial estimate of $47,255, the lowest average price since April 2022,''' according to Kelley Blue Book. <ref>https://www.coxautoinc.com/market-insights/auto-market-weekly-summary-04-08-24/</ref> | ||
* The average price relative to the average manufacturer’s suggested retail price (MSRP) moved down to 97.6%, the lowest level since April 2021. The average price was down 2.6% year over year. The average MSRP declined 0.8% in March and was down 0.6% year over year. | * The average price relative to the average manufacturer’s suggested retail price (MSRP) moved down to 97.6%, the lowest level since April 2021. The average price was down 2.6% year over year. The average MSRP declined 0.8% in March and was down 0.6% year over year. | ||
* The average incentive spend from manufacturers increased 11% to $3,120, which was up 102% year over year. Incentives as a percentage of average transaction price increased to 5.9%, the highest level since July 2021. | * The average incentive spend from manufacturers increased 11% to $3,120, which was up 102% year over year. Incentives as a percentage of average transaction price increased to 5.9%, the highest level since July 2021. | ||
* '''The average transaction price for a new EV in Q1 was $55,167, a 9.0% decrease compared to Q1 2023 and down 3.8% quarter over quarter.''' Tesla’s average transaction price was $52,315 in Q1, down roughly 13.5% year over year. However, lower prices did not generate higher volume. Many automakers have followed Tesla’s lead and slashed prices. Incentive spending on EVs has increased notably in the past year, another sign of slowing demand. Leasing, too, has increased. In Q1, roughly 27% of all EVs were leased, more than double from the year before. With leasing, many buyers can qualify for the full $7,500 incentive the Inflation Reduction Act offers.<ref>https://www.coxautoinc.com/market-insights/q1-2024-ev-sales/</ref> | |||
=== February 2024 === | === February 2024 === | ||