IRVINE, Calif., Oct. 13, 2021 /PRNewswire/ --New-vehicle prices hit another all-time high in September 2021, marking the sixth straight record-setting month and surpassing $45,000 for the first time, according to a new report from Kelley Blue Book. At $45,031, the average transaction price (ATP) for a new vehicle was up 12.1% (or $4,872) from one year ago in September 2020 and up 3.7% (or $1,613) from August 2021.
The all-time-high prices accompanied the fifth straight month of a slowing sales pace. Total sales last month numbered just 1,012,797, a 7.3% month-over-month decrease and one of the lowest volumes in the past decade. On top of supply dynamics, the vehicle mix shifted in September away from lower-priced sedans, compacts and entry-level segments toward more-expensive pickups, SUVs and the luxury market.
"The record-high prices in September are mostly a result of the mix of vehicles sold," said Kayla Reynolds, analyst for Cox Automotive. "Midsize SUV sales jumped in September compared to August and full-size pickup share moved up as well. Sales of lower-priced compact and midsize cars, which had been commanding more share during the summer, faded in September. As long as new-vehicle inventory remains tight, we believe prices will remain elevated."
Incentive spending fell in September to another record low, dropping to 5.2% of ATP last month, a decrease from 5.6% in August 2021 and well below the 10.0% of ATP recorded in September 2020. Porsche, Land Rover, Genesis, Subaru and Toyota had among the lowest incentive spend last month, all 3% of ATP or lower. On the other hand, Alfa Romeo, Buick, Fiat and Infiniti each had incentive levels above 10% of ATP.
ATPs in September continued to be driven higher by strong luxury vehicle sales. Luxury sales accounted for 16.6% of total market sales, up from 15.1% in September 2020. Luxury share in September was among the highest in the past decade, and luxury buyers paid an average of $60,845 for a new vehicle last month. Further, many luxury brands, notably Acura, Cadillac, Genesis and Mercedes-Benz, achieved year-over-year ATP gains in excess of 20%. Cadillac, for example, saw ATPs jump up more than 32% last month, reaching $81,939. Consumers continue to pay near $100,000 for a new Cadillac Escalade. More than 3,500 were sold in September 2021, a jump of more than 50% from August 2021.
Manufacturer | September 2021 Transaction Price (Avg.)* | August 2021 Transaction Price (Avg.)* | September 2020 Transaction Price (Avg.)* | Percent Change August 2021 to September 2021* | Percent Change September 2020 to September 2021* |
American Honda (Acura, Honda) | $35,310 | $34,891 | $30,365 | 1.2% | 16.3% |
BMW Group | $64,094 | $60,892 | $57,797 | 5.3% | 10.9% |
Daimler | $75,369 | $74,885 | $59,899 | 0.6% | 25.8% |
Stellantis (Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, RAM) | $48,346 | $47,734 | $43,736 | 1.3% | 10.5% |
Ford Motor Company (Ford, Lincoln) | $51,421 | $51,877 | $46,295 | -0.9% | 11.1% |
General Motors (Buick, Cadillac, Chevrolet, GMC) | $53,241 | $49,564 | $43,792 | 7.4% | 21.6% |
Hyundai Kia | $34,387 | $33,551 | $29,810 | 2.5% | 15.4% |
Mazda | $34,144 | $32,831 | $30,103 | 4.0% | 13.4% |
Mitsubishi | $28,978 | $28,753 | $23,415 | 0.8% | 23.8% |
Nissan North America (Nissan, INFINITI) | $34,621 | $33,322 | $30,904 | 3.9% | 12.0% |
Subaru | $33,911 | $34,804 | $31,911 | -2.6% | 6.3% |
Tesla Motors | $55,085 | $54,538 | $54,270 | 1.0% | 1.5% |
Toyota Motor Company (Lexus, Toyota) | $40,778 | $38,845 | $35,713 | 5.0% | 14.2% |
Volkswagen Group (Audi, Volkswagen, Porsche) | $49,018 | $49,696 | $44,913 | -1.4% | 9.1% |
Volvo North America | $55,416 | $53,968 | $48,604 | 2.7% | 14.0% |
Industry | $ 45,031 | $ 43,418 | $ 40,159 | 3.7% | 12.1% |
*Kelley Blue Book average transaction prices do not include applied consumer incentives.
**Tesla Motors did not wholly report price numbers for their model lineup. This heavily skewed the manufacturer's average transaction price comparisons year-over-year and month-over-month.
Makes | September 2021 Transaction Price (Avg.)* | August 2021 Transaction Price (Avg.)* | September 2020 Transaction Price (Avg.)* | Percent Change August 2021 to September 2021* | Percent Change September 2020 to September 2021* |
Acura | $48,105 | $48,297 | $39,900 | -0.4% | 20.6% |
Alfa Romeo | $48,549 | $48,458 | $44,965 | 0.2% | 8.0% |
Audi | $57,547 | $56,806 | $54,718 | 1.3% | 5.2% |
BMW | $65,043 | $63,713 | $60,418 | 2.1% | 7.7% |
Buick | $36,319 | $35,086 | $34,185 | 3.5% | 6.2% |
Makes | September 2021 Transaction Price (Avg.)* | August 2021 Transaction Price (Avg.)* | September 2020 Transaction Price (Avg.)* | Percent Change August 2021 to September 2021* | Percent Change September 2020 to September 2021* |
Cadillac | $81,938 | $75,399 | $54,202 | 8.7% | 51.2% |
Chevrolet | $50,451 | $47,095 | $40,903 | 7.1% | 23.3% |
Chrysler | $45,387 | $44,622 | $40,434 | 1.7% | 12.3% |
Dodge | $45,052 | $42,637 | $38,048 | 5.7% | 18.4% |
Fiat | $27,726 | $27,032 | $28,303 | 2.6% | -2.0% |
Ford | $50,853 | $51,446 | $45,677 | -1.2% | 11.3% |
Genesis | $60,087 | $59,148 | $46,328 | 1.6% | 29.7% |
GMC | $61,557 | $58,042 | $54,182 | 6.1% | 13.6% |
Honda | $33,915 | $32,983 | $29,284 | 2.8% | 15.8% |
Hyundai | $33,390 | $32,879 | $29,644 | 1.6% | 12.6% |
Infiniti | $52,873 | $51,962 | $46,679 | 1.8% | 13.3% |
Jaguar | $73,893 | $69,477 | $59,058 | 6.4% | 25.1% |
Jeep | $44,445 | $44,340 | $39,906 | 0.2% | 11.4% |
Kia | $33,036 | $31,892 | $29,637 | 3.6% | 11.5% |
Land Rover | $86,757 | $85,056 | $80,195 | 2.0% | 8.2% |
Lexus | $53,316 | $51,261 | $50,374 | 4.0% | 5.8% |
Lincoln | $62,394 | $61,751 | $57,782 | 1.0% | 8.0% |
Mazda | $34,144 | $32,831 | $30,103 | 4.0% | 13.4% |
Mercedes-Benz | $75,369 | $74,885 | $59,899 | 0.6% | 25.8% |
Mini | $35,534 | $35,580 | $32,929 | -0.1% | 7.9% |
Mitsubishi | $28,978 | $28,753 | $23,415 | 0.8% | 23.8% |
Nissan | $33,376 | $32,407 | $29,700 | 3.0% | 12.4% |
Porsche | $102,397 | $100,747 | $96,118 | 1.6% | 6.5% |
Ram | $55,383 | $54,051 | $51,549 | 2.5% | 7.4% |
Subaru | $33,911 | $34,804 | $31,911 | -2.6% | 6.3% |
Tesla | $55,085 | $54,538 | $54,270 | 1.0% | 1.5% |
Toyota | $38,592 | $36,743 | $33,608 | 5.0% | 14.8% |
Volkswagen | $34,992 | $35,105 | $30,594 | -0.3% | 14.4% |
Volvo | $54,903 | $53,767 | $48,604 | 2.1% | 13.0% |
Industry | $ 45,031 | $ 43,418 | $ 40,159 | 3.7% | 12.1% |
*Kelley Blue Book average transaction prices do not include applied consumer incentives.
**Tesla Motors did not wholly report price numbers for their model lineup. This heavily skewed the manufacturer's average transaction price comparisons year-over-year and month-over-month.
Segment | September 2021 Transaction Price (Avg.)* | August 2021 Transaction Price (Avg.)* | September 2020 Transaction Price (Avg.)* | Percent Change August 2021 to September 2021* | Percent Change September 2020 to September 2021* |
Compact Car | $24,741 | $24,348 | $22,346 | 1.6% | 10.7% |
Compact SUV/Crossover | $33,626 | $33,010 | $30,476 | 1.9% | 10.3% |
Electric Vehicle | $56,312 | $54,651 | $54,381 | 3.0% | 3.5% |
Entry-level Luxury Car | $49,969 | $49,260 | $44,003 | 1.4% | 13.6% |
Full-size Car | $43,021 | $41,649 | $39,557 | 3.3% | 8.8% |
Full-size Pickup Truck | $57,719 | $57,274 | $53,241 | 0.8% | 8.4% |
Full-size SUV/Crossover | $68,747 | $67,688 | $67,219 | 1.6% | 2.3% |
High Performance Car | $99,620 | $98,392 | $93,189 | 1.2% | 6.9% |
High-end Luxury Car | $119,312 | $118,319 | $104,324 | 0.8% | 14.4% |
Hybrid/Alternative Energy Car | $33,025 | $31,537 | $28,693 | 4.7% | 15.1% |
Luxury Car | $73,005 | $73,273 | $64,267 | -0.4% | 13.6% |
Luxury Compact SUV/Crossover | $50,025 | $49,342 | $47,288 | 1.4% | 5.8% |
Luxury Full-size SUV/Crossover | $102,191 | $101,856 | $91,083 | 0.3% | 12.2% |
Luxury Mid-size SUV/Crossover | $67,918 | $67,307 | $62,736 | 0.9% | 8.3% |
Luxury Subcompact SUV/Crossover | $43,186 | $42,764 | $40,248 | 1.0% | 7.3% |
Mid-size Car | $31,370 | $30,925 | $27,248 | 1.4% | 15.1% |
Mid-size Pickup Truck | $41,868 | $41,507 | $37,826 | 0.9% | 10.7% |
Mid-size SUV/Crossover | $45,236 | $44,286 | $41,217 | 2.1% | 9.8% |
Minivan | $43,497 | $43,930 | $38,773 | -1.0% | 12.2% |
Sports Car | $45,747 | $43,958 | $41,661 | 4.1% | 9.8% |
Subcompact Car | $19,785 | $21,620 | $18,851 | -8.5% | 5.0% |
Subcompact SUV/Crossover | $29,144 | $28,467 | $25,638 | 2.4% | 13.7% |
Van | $48,300 | $44,262 | $41,500 | 9.1% | 16.4% |
Industry | $ 45,031 | $ 43,418 | $ 40,159 | 3.7% | 12.1% |
*Kelley Blue Book average transaction prices do not include applied consumer incentives.
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SOURCE Kelley Blue Book
For further information: Brenna Buehler, Kelley Blue Book, 949-473-6595, brenna.buehler@coxautoinc.com; Mark Schirmer, Cox Automotive, 734-883-6346, mark.schirmer@coxautoinc.com
