NEW-VEHICLE TRANSACTION PRICES DECLINE FOR THE THIRD STRAIGHT MONTH, BUT REMAIN ABOVE MSRP IN MARCH, ACCORDING TO KELLEY BLUE BOOK
New-vehicle average transaction prices decreased to $45,927 in March 2022 after reaching a record high in December 2021, according to data released yesterday by Kelley Blue Book, a Cox Automotive company. Prices fell 0.3% ($156) month over month, remaining elevated compared to one year ago, up 12.9% ($5,247) from March 2021.
New-vehicle inventory days’ supply was in the low 30s in March while customer demand remained high. These conditions enabled dealers to continue selling inventory at or above the manufacturer’s suggested retail price (MSRP). In March, new vehicles from Kia, Honda and Mercedes-Benz were transacting on average between 7.8% and 9.8% over MSRP. On the other side of the spectrum, Volvo, Buick and Lincoln were selling around 1% below MSRP.
Find out more details, including price change percentage by automaker and the industry average incentive spend as a percentage of the average transaction price.