Average New Car Prices Finally Drop, But Luxury Cars Take Larger Market Share | Carscoops carscoops
from January indicates that overall prices are no longer increasing like they were a year ago,” research manager of economic and industry insights for Cox Automotive, Rebecca Rydzewski, said. “Both luxury and non-luxury prices were down month over month, but the mix of luxury vehicle sales last month – at a record high near 20% – helped keep the overall average price elevated.
Kelley Blue Book’s data also reveals that the average price paid for a new EV in January declined considerably, dropping 5.4 per cent or $3,363 from December, and hitting an average of $58,725. This drop in the average price was triggered primarily by Tesla’s significant price cuts. The automaker’s average transaction prices fell by 8.4 per cent month over month to $5,440.Meanwhile, incentives remain low compared to before the COVID-19 pandemic but did increase to 2.8 per cent in January from 2.
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