New Vehicle Prices Drop in January as Discounts Rise
• New vehicle prices down 3.5% year-over-year in January, with discounts and incentives increasing to maintain sales pace • Transaction prices fell 2.6% month-over-month in January, accelerating the downward price trend • Electric vehicle prices down 10.8% year-over-year; Tesla Model Y prices fell 21.4% • Luxury vehicle prices lead market lower, with luxury car prices down 9.7% and luxury SUVs down 11.9% • Revised EV price data shows continued downward pressure, with incentives jumping 3x on models like VW ID.4 and Hyundai Ioniq5