Fri, 12 March 2021 | transportation
The valuation analysts at Kelley Blue Book today reported the estimated average transaction price for a light vehicle inthe United States was $41,066 in February 2021. New-vehicle prices increased $2,515 (up 6.52%) from February 2020, while falling $31 (down 0.08%) from January 2021.
"February's average transaction price performance year-over-year has continued to climb," said Kayla Reynolds, industry intelligence analyst at Cox Automotive. "On the other hand, month-over-month performance showcases the impact of the luxury and non-luxury mix in the market—with more than half of the luxury vehicle segments reporting drops in transaction prices from January 2021."
Most manufacturers saw year-over-year growth in February 2021; however, Stellantis reported the greatest increase, up 12.27%, while Mitsubishi saw the biggest decline, down 6.67%.
Driving Stellantis' success, were Dodge, Fiat, and Ram, all of which were in the top five for year-over-year brand transaction price increases. The Dodge Durango saw an increase in sales year-over-year, and also benefitted from being the highest priced vehicle in the brand's lineup. Dodge also discontinued the Dodge Caravan in 2020, which was one of its lower-priced models. Additionally, despite a dip in sales from last year, Ram's pickup saw more than 10% growth in its average transaction price.
For the second month in a row, Mitsubishi's two highest priced models—the Eclipse Cross and Outlander—saw year-over-year drops in sales, bringing the average transaction price for the brand down nearly 7%.
The month-over-month view shows Tesla with the most growth at nearly 8%, while Volkswagen decreased most, down 4.07%. Tesla's lowest priced model, Model 3, reported a subtle drop in sales, while its highest priced model, Model X, more than doubled in sales from the previous month—pushing transaction prices up for the brand.
At a segment level, minivans experienced the largest year-over-year growth, up 14.9%, with the luxury car segment following closely behind with more than 14% growth year-over-year in average transaction prices. High performance cars saw the largest drop in average transaction price in February at 6.17%.
Source: Kelley Blue Book