After Three Months of Declines, New Car Prices Rose in April

May 15, 2024 · The average new car buyer paid $48,510 last month — an increase of 2.2% from March and the highest average since last December. The increase came after three straight months of price drops.

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After Three Months Of Declines, New Car Prices Rose In April

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FAQs about After Three Months of Declines, New Car Prices Rose in April Coupon?

What happened to new-vehicle average transaction prices in April 2024?

New-vehicle average transaction prices (ATP) in April increased month over month for the first time in 2024, rising to $48,510, a 2.2% jump from the revised March price of $47,481. Incentives in April fell back to 6.3% of ATP. Incentives were 80% higher than one year ago when available inventory was substantially lower. ...

What happened to the average new car price in March?

The average new car price was $45,927 in March, a 0.3% drop ($156) from February, according to KBB. This marked the third consecutive month of declines following December's record high but is still up 12.9%, or $5,247 from last year. Amid non-luxury car buyers, the average price paid dropped $53 month-over-month to $42,364. ...

Why did new-vehicle sales decline in April?

The incentive decline in April was the first decrease since October 2023, when incentive levels ticked lower to 4.7% from 4.8% in September. Driven partly by fewer selling days, new-vehicle sales volume in April was lower month over month. ...

Which luxury cars have the highest price declines in November?

Tesla, Buick, Land Rover, Volvo, and Acura had the largest price declines last month among luxury brands in the Kelley Blue Book database. The average price paid for a new electric vehicle in November was $52,345 — about $4,000 more than the average new car’s price and almost $11,000 lower than the average luxury car. ...

What was the average price paid for a new non-luxury vehicle in February?

The average price paid for a new non-luxury vehicle in February 2023 was $44,697 – a decline of $681 compared to January. Most non-luxury brands – including Chrysler, Dodge, Ford, GMC, Hyundai, Mazda, Subaru, and Volkswagen – saw ATP declines between 0.2% to 3.9% month over month in February. ...

How much did a new car cost in November?

The average new car buyer in America paid $48,247 in November — down 1.5% from this time last year. Prices rose $311 from October’s total. But November was the third consecutive month that cars were less expensive than a year ago. ...