Compared to the start of the year, transaction prices for new vehicles are down 1.7%, or $865, the largest January to June tumble in the past decade.
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Days' supply increased due to a slight weakening in sales toward month-end. Despite a decline in the average listing price, it remained above $47,000.
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Post-pandemic pent-up demand is moving into the automotive market. Strong sales growth into fleets strengthened April numbers.
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For the second month in a row, average transaction prices undercut manufacturer's suggested retail prices, reversing a prior 20-month trend.
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CAR 2023: What happens when you put four remarketing economists and analysts in one room? Lots of data, predictions, trends, and uncertainty.
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While inventory is up from 2022 levels, it remains low by historical standards. Meanwhile, the estimated typical monthly payment for a new vehicle declined to $754 from the peak of $791 in Dec. 2022.
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The average price for a new vehicle in March fell below sticker for the first time in 20 months, according to KBB.
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Future pricing trends of new electric vehicles and resale values of used ones remain undefined and unpredictable for the long-term.
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Average transaction prices (ATP) have been above the average manufacturer’s suggested retail price (MSRP) for more than a year.
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Days’ supply by end of November was 77% higher than at the same time a year ago and the highest since March 2021. While inventory is up from recent levels, it remains low by historical standards.
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