New Car Prices Fall 3.5% In January, Luxury Models And Large SUVs Impacted Most

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The average transaction price (ATP) for new vehicles in the US dropped by 3.5% year-on-year in January 2024, amid increased supplies and sluggish sales. The average incentive amounted to 5.7% of the transaction price, almost double from the same period last year. Subaru and Toyota saw slight increases in their ATPs, while Tesla’s dropped by over 20%. Demand for luxury vehicles appears to be softening, with ATPs for such vehicles falling by 9.7% from the previous year. Prices for electric vehicles also dropped by 10.8% year-on-year.

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