Non-Luxury Vehicle Prices Increase Less Than 1% Year Over Year During the same timeframe, non-luxury sales were higher by 15%. ![]() Luxury vehicle sales in August were up 23% year over year, helping to push overall industry volume higher by more than 16%. Luxury vehicle incentive levels also have significantly increased year over year, rising from an estimated 1.9% of ATP to 5.3% last month. Tesla Model 3 prices are down more than 21% year over year. Tesla ATPs have plummeted 19.5% compared to August 2022 as the brand pushes for higher volume. Led mostly by aggressive price cuts from Tesla, luxury vehicle prices last month were down 3.3% year over year. The very real potential for a UAW strike may impact some product lines, but with the current inventory levels in place, we don't expect a short-lived strike to impact consumer prices in any meaningful way, at least in the near term." "Dealers and automakers are feeling price pressure, and with high auto loan rates and growing inventory levels, new-vehicle prices seem to have hit a ceiling, at least for now. "After a tumultuous last few years in the automotive marketplace, now we are seeing new-vehicle pricing trends hold steady," said Rebecca Rydzewski, research manager at Cox Automotive. Transaction prices are now down 2.4%, or $1,212, from the start of the year, the largest decrease in the past decade. Prices increased 0.6% ($286) from July's revised ATP of $48,165. ![]() The average transaction price of a new vehicle in August was $48,451, up only $42 from one year ago, according to Kelley Blue Book, a Cox Automotive company. SeptemATLANTA - PRNewswire - The average price Americans paid for a new vehicle in August 2023 was virtually flat compared to one year ago, as higher inventory levels and increased incentives held year-over-year price gains in check.
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