Subaru Outback Credit: Subaru
SUV Prices Up Just 1 Percent on Slowing Retail Demand and Increased Competition
May 2, 2019 - IRVINE, Calif. - PRNewswire/ - The valuation analysts at Kelley Blue Book on Wednesday reported the estimated average transaction price for a light vehicle in the United States was $36,843in April 2019. New-vehicle prices increased $732 (up 2 percent) from April 2018, while rising $93 (up 0.3 percent) from last month.
"Transaction prices climbed 2 percent in April, still largely due to the shifting sales mix toward SUVs and crossovers," said Tim Fleming, analyst for Kelley Blue Book. "With slowing retail demand and increased competition, SUV prices were up just 1 percent for the month. However, the shrinking market share of the more affordable car segments, now close to 30 percent, is driving the industry average upward."
Trucks saw the biggest increases in April 2019, with prices rising 4 percent on average on the strength of the redesigned Chevrolet Silverado, GMC Sierra and RAM pickups launched last year.
Making the most gains in average transaction prices from this time last year, Ford Motor Company's average prices were up 6 percent, as Ford jumped 6 percent and Lincoln rose 1 percent. The refreshed Edge led Ford's gains with a 6 percent increase, while the discontinuation of the Focus also helped boost average prices. At Lincoln, two recent refreshes drove the largest gains. The MKC with its updated grille posted an increase of 4 percent, while the Nautilus grew 6 percent over the MKX it replaced.
On the other hand, Hyundai-Kia prices were flat in April 2019, as Hyundai was flat, and Kia was down 1 percent. Hyundai was helped by the new Veloster, which was up 13 percent, as well as the Kona and its new EV model, which drove prices of the vehicle up 4 percent. Kia was hurt most by the Sorento, which was down 3 percent. The Genesis brand fell by 14 percent following the introduction of the G70 sedan as the new entry point in its lineup.
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Founded in 1926, Kelley Blue Book, The Trusted Resource®, is the vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry. Each week the company provides market-reflective values on its top-rated website KBB.com, including its famous Blue Book® Trade-In Values and Kelley Blue Book® Price Advisor tool, which provides a range for what consumers can reasonably expect to pay for a vehicle in their area. Car owners looking to sell immediately can also get a redeemable, transaction-ready offer with Kelley Blue BookSM Instant Cash Offer. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies, and governmental agencies. Kelley Blue Book is a Cox Automotive brand.
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Source: Kelley Blue Book