New-Car Prices Up 3.1% in June
Kelley Blue Book analysts report average transaction prices for U.S. new-vehicle sales increased by 3.1% on a year-over-year basis in June but declined slightly from May.
Average prices for the Ford Mustang increased by 7% on a year-over-year basis in June, propelled in part by the release of the GT edition, according to the latest figures from Kelley Blue Book.
Photo courtesy Ford Motor Co.
IRVINE, Calif. — The valuation analysts at Kelley Blue Book reported the estimated average transaction price for a light vehicle in the United States was $37,285 in June 2019. New-vehicle prices increased $1,131 (3.1%) from June 2018, while decreasing $67 (- 0.2%) from last month.
“Transaction price growth accelerated in June, climbing 3% as demand for trucks and SUVs pushed sales and prices up in those segments. Light trucks and SUVs are expected to account for about 71% of sales in June, up from 68% a year ago,” wrote Tim Fleming, analyst for Kelley Blue Book. “Overall, SUV prices were up 4% and trucks rose 3%, while car prices were flat (and still lost market share). Luxury and mainstream mid-size SUVs are showing the most strength right now, with brand-new models such as the BMW X7 and Kia Telluride driving incremental sales and price growth for their brands.”
Fiat Chrysler had another strong month, posting nearly a 7% increase, thanks to the Ram and Jeep brands. The new Jeep Gladiator pickup transacted in the mid-$50,000 range as the sales mix skewed heavily toward the high-end Rubicon trim, and in addition, the Gladiator beat the next closest mid-size truck by nearly $18,000.
Ford Motor Co.’s average prices were up 4% in June, with Ford rising 4% and Lincoln up 3%. At Ford, the refreshed Edge had a 5% gain, while the Mustang GT helped push the Mustang’s average up 7%. At Lincoln, the Nautilus was clearly the best performer, growing its ATPs by 6%, but the refreshed MKC also had a good month as its prices rose 4%.
Hyundai and Kia prices rose 3% in June, with Kia having the biggest increase. Kia had help from several models, including the redesigned Forte and Soul, as well as the new Niro EV and Telluride. Hyundai’s best performer was the Veloster, although the Kona EV also provided a lift. The Genesis brand fell by 12% following the introduction of the G70 sedan as the new entry point and volume leader in its lineup; however, Genesis’ sales volume should increase substantially over last year, analysts said.
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