1/6/2024 0 Comments Kelleu blue bobokIncentives dropped to a record low level in May, averaging only 2.5% of the average transaction price. ![]() Meanwhile, vans still had the lowest incentives (expressed as a percent of ATP) at 1.4%, and trucks had the highest at 2.9%. Cars had an average transaction price of $41,902 in May, a $179 decrease month over month. With an ATP of $48,671, vans saw an increase of $726 in May, while SUVs increased by $526 to an ATP of $46,073. With an ATP of $56,216, trucks saw the largest increase of $888. New-vehicle average transaction price changes month over month by segment saw all segments increasing except cars, mirroring April. Still, the average price for a new electric vehicle – over $64,000 according to Kelley Blue Book estimates – is well above the industry average and more aligned with luxury prices than mainstream prices. Even Tesla had slightly lower ATPs month over month in May. The Chevrolet Bolt, with average transaction prices below $40,000, is available on dealer lots after an extensive recall, and the new Kia EV6 is selling well. The average price paid for a new electric vehicle (EV) dropped again in May compared to April, as more lower-priced models enter the market and offset the many luxury EVs already available. For comparison, luxury share in May 2021 was 15.9% and, pre-pandemic, luxury share in May 2019 was 13.1% of the total market. Luxury vehicle share remains historically high, but decreased to 17.3% of total sales in May, down slightly from 17.4% in April. For comparison, luxury vehicles were selling for nearly $1,300 under MSRP one year ago. In May 2022, the average luxury buyer paid $65,379 for a new vehicle, down $511 month over month but still $1,071 above sticker price. Consumers have paid more than MSRP in each month of 2022, whereas one year ago, non-luxury vehicles were selling for more than $400 under MSRP. Car shoppers in the non-luxury segment paid on average $1,030 above sticker price. The average price paid for a new non-luxury vehicle last month was $43,338, up $709 from April. "However, no one should expect price drops, as tight supplies in the new market will hold prices at an elevated level into 2023." "Prices for both new and used vehicles are showing signs of stabilizing, and price growth will likely decline over the course of the summer as the anniversary of the 'big squeeze' in inventory passes," said Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive. On the other side of the spectrum, Buick and Lincoln were selling at nearly 1% below MSRP. In May, new vehicles from Honda, Land Rover and Mercedes-Benz were transacting on average between 6.1% and 9.3% over MSRP. The average price paid for a new vehicle has been "over sticker" throughout 2022. These conditions enabled most dealers to continue selling inventory at or above the manufacturer's suggested retail price (MSRP). New-vehicle inventory days' supply stayed in the mid-30s in May – holding steady since mid-January – while customer demand remained stable. Appraising classic cars is a skill that requires a lot of training, experience, and knowledge, and a professional can look at a number of factors that the untrained eye (or unfamiliar with current market) may miss.New-vehicle average transaction prices increased to $47,148 in May 2022, according to data released by Kelley Blue Book ![]() You should also consider reaching out to an appraiser or serious buyer who will review your vehicle before trying to put it for sale for $XYZ on the market. ![]() They cover virtually all makes and models from around the world, including rare and unique cars that didn’t see much action in the North American market. Looking up the classic car values on KBB is great for determining whether you want to sell your classic car or not. In fact, every seller who doesn’t have years of experience working with classic cars from America and Europe should have their own copy of the Kelly Blue Book so that they don’t end up selling their automobile for less than it’s worth. Keeping in mind that there are a number of factors that go into determining how much a classic car is worth, the blue book value is great for finding a ballpark figure. When it comes to properly appraising a car, many insurance companies and classic car collectors rely on the Kelley Blue Book values to help them get a good understanding of how much their car is worth.
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