Edmunds Price Index (EPI) Shows Overall Increase in Vehicle Prices but Large SUV and Truck Prices on the Decline
SANTA MONICA, Calif., May 12, 2004 Edmunds.com , reported today that the Edmunds Price Index for new vehicles (EPI-N) increased a dramatic 2.4% to 100.2 from April 2003 to April 2004 (January 2002 = 100.) And, from March 2004 to April 2004, the Edmunds.com New Vehicle Price Index increased 0.3% from 99.9 to 100.2.
Examining the month-over-month data by segment, Edmunds.com found compact cars had the largest increase at 2.4%, followed by midsize cars at 1.2%. Large SUVs had the most significant decline at 1.5%, while large trucks dropped 1.2%.
"Although we have yet to see a flood of consumers trading in their large SUVs or trucks for smaller, more fuel-efficient cars, our analysis of 16 different vehicle segments clearly displays a relative weakening of demand for larger, less fuel-efficient vehicles," said Dr. Jane Liu, Vice President of Data Analysis for Edmunds.com. "We will pay close attention to see if this fluctuates with fuel prices, especially as we enter the summer, historically the most expensive season for gasoline."
Similar in purpose to the Consumer Price Index (CPI), the EPI-N measures the average changes in retail prices for new vehicles with fixed options over time in order to analyze trends. Edmunds.com also calculates and reports a wide range of data including transaction prices and net prices of vehicles by country of origin, manufacturer, make, model and vehicle segment.