New car costs hit one other all-time excessive

NATIONWIDE — Prospects out there for a brand new automotive proceed to undergo from sticker shock. The typical transaction value for a brand new car bought in July reached an all-time excessive of $48,182, in keeping with Kelley Blue Guide. It was the third month in a row that new car value information have been damaged. In June, the typical new car transaction value topped $48,000 for the primary time.

The rise comes as producers proceed to wrestle with a pc chip scarcity, constraining the availability of latest autos. Honda, Kia, Land Rover and Hyundai are among the many manufacturers which are promoting for five% to eight% greater than the producer’s prompt retail value.

“It’s nonetheless a vendor’s market,” mentioned Rebecca Rydzewski, analysis supervisor of financial and trade insights for Cox Automotive. “New car stock ranges are higher than a 12 months in the past however stay traditionally low, and that’s retaining new car costs elevated.”

The typical transaction value for a brand new non-luxury car in July was $44,431 — a $363 improve in contrast with June. The typical transaction value for a brand new luxurious car was $65,530 — a $382 lower from a month earlier — whereas the typical value for a brand new electrical car is now greater than $66,000.

Used automotive costs are additionally trending greater. They elevated 10.9%, or $3,364, in July in contrast with a 12 months earlier, in keeping with The worth will increase are pushed largely by demand for used various gas autos. Costs for used electrical autos in July have been up 56.7% in contrast with a 12 months earlier, whereas costs for hybrids have been up 30.5%.

A used Nissan Leaf skilled the best year-over-year improve in July; costs have been up 43.8%, or $8,563, in contrast with 2021. The Hyundai Sonata Hybrid, Toyota Prius, Toyota Prius Prime and Toyota Avalon Hybrid rounded out the highest 5 used automobiles that elevated probably the most in value final month.

Whereas pickup vans noticed the smallest value modifications in July, 5 used autos truly decreased in price. A used Nissan Armada SUV decreased 7.4%, or $3,022, in contrast with a 12 months earlier. The Chevrolet Camaro, Nissan Titan, Nissan Titan XD and Infiniti QX60 rounded out the checklist of used automobiles that decreased in value final month.

The car value information comes because the U.S. Bureau of Labor Statistics reported an 8.5% improve within the Shopper Value Index in July, in contrast with a 9.1% improve in June. The slowing inflation charge is basically on account of fuel costs, which fell 7.7% final month, offsetting will increase in meals and shelter, the Bureau mentioned.

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