Over the past year, average marketed price increased by $1,896 with almost 85% of that growth taking place since March 1 alone
Grand Rapids, Mich.—New data shows that the average marketed price (AMP) for new vehicles is approaching an all-time high, reaching $51,610 on May 26, just $30 below the record level in July 2023.
Over the past year, AMP increased by $1,896 with almost 85% of that growth taking place since March 1 alone, according to a new report by Catalyst IQ. Coupled with affordability pressures, higher interest rates and fuel prices approaching all-time highs — up more than $1.50 per gallon over the past 11 weeks — this rapid price growth is creating additional challenges for dealers entering the summer selling season.
“Historically, higher vehicle prices were often temporary and corrected quickly through incentives or discounting,” said Rick Wainschel, Vice President of Data Science and Analytics at Catalyst IQ. “This [present] shift is fundamentally different for the industry. Several of the most profitable vehicle categories — including full-size trucks, full-size SUVs, heavy-duty trucks, and luxury midsize SUVs — are reaching all-time highs. These MSRP-driven price increases are resetting long-term pricing levels, making them more difficult to reverse.”
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