Kelley Blue Book is sharing its latest sales data for the month of August. The average transaction price (ATP) was largely unchanged for a new vehicle in August, compared to August 2022, up only $42 year over year.
EV prices continue to dip lead by Tesla's price cuts. KBB says EV prices are down nearly 19% year over year falling from $65,688 to $53,376.
Incentives continue to rise - jumping for the 11th month in a row in August. KBB says the average incentive package is now 4.9% of the ATP, up from 2.3% a year ago.
When it comes to the average new vehicle transaction price - it's virtually flat compared year over year thanks to higher inventory levels and increased incentives that KBB says kept year-over-year price gains in check. The ATP of a new vehicle last month was $48,451, up $42 from a year ago and $286 (0.6%) from July.
KBB says transaction prices are now down 2.4% ($1,212) from the start of 2023, the largest decrease in the past decade.
"After a tumultuous last few years in the automotive marketplace, now we are seeing new-vehicle pricing trends hold steady," said Rebecca Rydzewski, research manager at Cox Automotive. "Dealers and automakers are feeling price pressure, and with high auto loan rates and growing inventory levels, new-vehicle prices seem to have hit a ceiling, at least for now. The very real potential for a UAW strike may impact some product lines, but with the current inventory levels in place, we don't expect a short-lived strike to impact consumer prices in any meaningful way, at least in the near term."
To read KBB's complete August transaction data click here →
