October prices are up 0.2% ($187) month over month from September and up 3.8% ($1,775) year over year from October last year.
October 17 is a recordThe tenth The consecutive month the average new car buyer has paid more than the sticker price.
Non-luxury brands have seen some price drops
Most of the non-luxury brands saw their prices fall or flat in October. Honda, Hyundai and Kia all raised the numbers, with most cars selling between 4% and 8% above the sticker price. Buick gave shoppers the best deals, charging 1% or more less than the manufacturer’s suggested retail price (MSRP).
said Rebecca Rydzewski, Director of Research for Economic and Industrial Insights for Cox Automotive. Automakers and dealers continue to fall back on stimulus as well. Overall, inventory is improving, but prices are still stubbornly high.”
Cox Automotive is the parent company of Kelley Blue Book.
Americans still buy luxury cars
Altogether, 17.8% of new car sales in October were luxury cars—not quite a record, but not far from it. It comes even as economists warn of a possible recession and the Federal Reserve is raising interest rates.
In October, the average luxury buyer paid $66,645 for a new car, up $331 from September. Buyers continue to pay more than the MSRP of new luxury cars, even though prices are trending close to or lower than sticker prices in some luxury segments.
Luxury shoppers can still find better deals in some sales groups than others. BMW and Porsche sold the most cars for 3% to 5.5% off the label last month. Acura, Cadillac, and Mercedes-Benz all sold 1% or more below their MSRP.
Electric car prices have fallen
Surprisingly, electric cars grew more affordable in October. The average electric vehicle (EV) sold for less than $2,286 from September. That’s still 7% higher than it was a year ago.
The average price for a new electric vehicle was $64,249, according to Kelley Blue Book estimates, well above the industry average and more in line with luxury versus mainstream pricing.