Average transaction prices for the Acura MDX fell by 7% year-over-year in November, one of a number of brands and models slowing the growth of new vehicle prices industrywide. - Photo courtesy American Honda Motor Co.

Average transaction prices for the Acura MDX fell by 7% year-over-year in November, one of a number of brands and models slowing the growth of new vehicle prices industrywide.

Photo courtesy American Honda Motor Co.

The valuation analysts at Kelley Blue Book reported the estimated average transaction price for a light vehicle in the United States was $38,393 in November. New-vehicle prices increased $387 (up 1%) from November 2018, while climbing $106 (up 0.3%) from last month.

“Transaction prices rose only 1% as dealer discounts grew to move older inventory,” said Tim Fleming, analyst for Kelley Blue Book. “As retail sales slowed by more than 2% this year, vehicles are spending more time on dealer lots, about 80 days on average, which is five days longer than a year ago and the highest level seen since 2017. As a result, there are more discounts and incentives, especially now that the year’s end is approaching.”

Once again, Hyundai Kia showed the greatest improvement of all manufacturers, as its prices grew 10%. Interestingly, new three-row SUV models and electric vehicles helped the brands most. The Hyundai Palisade and Kia Telluride SUVs both transacted at more than $40,000 on average, while the Hyundai Kona EV and Kia Niro EV helped boost these models’ average transaction prices by 8%.

American Honda prices fell by 2%, with Acura down 5% and Honda dropping 1%. The Acura MDX had the biggest decline for Acura at 7%, and the RDX, Acura’s top seller, dropped 2%. The Honda Clarity fell the most for the brand at 6%, while the Ridgeline also trended down by 6%. On a positive note, the Honda Civic was the automaker’s top performer, up 3%.

This story originally ran in F&I and Showroom, another Bobit Business Media publication. 

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