2020 Kia Telluride
October 5, 2020 - IRVINE, Calif. - /PRNewswire/ -- The valuation analysts at Kelley Blue Book last week reported the estimated average transaction price for a light vehicle in the United States was $38,723 in September 2020. New-vehicle prices increased $940 (up 2.5%) from September 2019, while raising $23 (up 0.1%) from last month.
"New-car transaction prices have climbed year-over-year, but remained flat for the past few months," said Sara Richards, an analyst for Kelley Blue Book. "This may indicate supply challenges experienced over spring and summer have been corrected and OEMs are finally able to build up stock. If automakers seek to recover sales lost earlier in the year, incentives could climb dramatically, and transaction prices could remain flat or even dip in the future."
Honda, Fiat Chrysler, Ford, Hyundai and Kia, Subaru, and Toyota all reported strong, greater than 4% year-over-year gains, despite relatively little change month-over-month. Specifically, for Toyota the RAV4 was the biggest driver. They had a significant redesign this past year, contributing to an 18% lift in transaction prices year-over-year. Non-luxury and luxury vehicles are relatively flat month-over-month; however, the year-over-year story is completely different. Non-luxury transaction prices are up 3.9%, while luxury prices are down 3%.
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About Kelley Blue Book (www.kbb.com)
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.
About Cox Automotive
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Source: Kelley Blue Book