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U.S. new vehicle prices hit record high in December – Kelley Blue Book

Mark White by Mark White
January 11, 2022
in Supply Chain
0


Cars travel along a freeway in down town Los Angeles, California, U.S., January 22, 2020. REUTERS/Mike Blake/File Photo

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Jan 11 (Reuters) – The average transaction price of new vehicles in the United States shot up nearly 14% in December from the previous year, driven by strong sales of luxury vehicles, auto industry consultancy Kelley Blue Book said in a report on Tuesday.

The prices hit a record high of $47,077 last month as new-vehicle inventory remained tight following healthy consumer demand, the report said.

Sales of luxury vehicles, which comprised 18.4% of total sales in December, normally increase during the last two months of the year, pushing the average prices higher, according to the report.

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The U.S. auto industry has been hit hard by the global semiconductor shortage and supply chain snarls, causing low inventory levels and skyrocketing prices amid strong consumer demand.

For each of the last six months, the average price paid by consumers was above the manufacturer’s suggested retail price (MSRP) as dealers continue to hold prices at or above MSRP, according to the auto consultant.

Meanwhile, the average price for a new non-luxury vehicle was $43,072, slightly lower than the record high set in November.

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Reporting by Aishwarya Nair in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.



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Mark White

Mark White

Mark White is the editor of the ProcurementNation, a Media Outlet covering supply chain and logistics issues. He joined The New York Times in 2007 as an commodities reporter, and most recently served as foreign-exchange editor in New York.

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