Posted 12/11/2023, 6:57:24 PM
Vehicle Prices Drop for Third Month as Incentives Rise and Luxury Share Hits Record
- Average new vehicle transaction price in November was $48,247, down 1.5% year-over-year for the third straight month
- Incentives increased further in November, reaching over 5% of average transaction price for the first time in over 2 years
- Luxury vehicle prices were down over 7.5% year-over-year; luxury share of market surpassed 20%, a record high
- Tesla, Buick, Land Rover, and Nissan saw the largest year-over-year transaction price declines
- Electric vehicle prices approaching parity with internal combustion engines, with EV premium less than 10% in November versus over 30% a year ago