New-Vehicle Prices Rise in April
A downward slide in new-vehicle prices through the first quarter of 2024 reversed course in April, with average transaction prices increasing by 2.2% to $48,510, the highest prices since December 2023. The April price estimates were released today by Kelley Blue Book, a Cox Automotive brand. Year over year, new-vehicle transaction prices were lower by 0.5%.
New-vehicle incentive levels retreated last month as well. The average incentive package in April was 6.3% of the average transaction price, according to Kelley Blue Book estimates, down from 6.6% in the prior month. The incentive decline in April was the first decrease since October 2023, when incentive levels ticked lower to 4.7% from 4.8% in September.
Erin Keating, executive analyst at Cox Automotive.
Driven partly by fewer selling days, new-vehicle sales volume in April was lower month over month. At 15.7 million in April, the seasonally adjusted annual rate (SAAR) of sales, however, was marginally higher versus March and flat year over year. New-vehicle inventory levels – a key driver of price and incentives – at the start of April were estimated by vAuto, a Cox Automotive brand, to be higher year over year by 46%.