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New vehicle prices ease, but remain elevated above MSRP
New-vehicle average transaction prices (ATPs) decreased to $45,927 in March 2022 after reaching a record high in December 2021, according to new data released April 11 by Kelley Blue Book. Prices fell 0.3% ($156) month over month, but remain elevated compared to one year ago, up 12.9% ($5,247) from March 2021.
New-vehicle inventory days’ supply was in the low 30s in March while customer demand remained high. These conditions enabled dealers to continue selling inventory at or above the manufacturer’s suggested retail price (MSRP). In March, new vehicles from Kia, Honda and Mercedes-Benz were transacting on average between 7.8% and 9.8% over MSRP. On the other side of the spectrum, Volvo, Buick and Lincoln were selling around 1% below MSRP.
“With a myriad of supply chain issues disrupting global vehicle production, we expect inventory to remain tight through the rest of the year and prices to remain high,” said Michelle Krebs, executive analyst for Cox Automotive, in a news release.