
The luxury vehicle share sold increased to above 18% of total sales, lifting overall industry ATP, while non-luxury vehicle buyers on average paid more than $500 above sticker price.
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Days’ supply climbed to 49, the highest since May 2021. The question now is: Will demand keep up with supply?
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Higher rates are already shifting access to vehicles and financing towards wealthier consumers as overall affordability declines.
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Despite elevated vehicle prices, soaring interest rates and high inflation, there are no signs that demand is falling off yet.
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September marks a record 16th straight month that new-vehicle ATPs were higher than the average manufacturer’s suggested retail price (MSRP).
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But don't get too excited. Days supply is still far below historical levels and production has yet to catch up to demand.
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The average price paid for a new vehicle in America now tops $48,000. Supply of popular segments – like subcompacts, hybrids and EVs – remain low.
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Sales into commercial fleets were up 37% and sales into government fleets were up 28% last month compared to August 2021.
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The average price for a new electric vehicle – over $66,000, according to Kelley Blue Book estimates – remains well above the industry average and more aligned with luxury prices versus mainstream prices.
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While prices and supply stabilize somewhat, the overall supply is far below historical levels, said Charlie Chesbrough, Cox Automotive senior economist.
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