We’ve been hearing that new car prices are coming back in line with reality, but a recent iSeeCars study found that new models are still commonly priced above MSRP, and dealers are tacking more charges on top of that.
iSeeCars analyzed 13 million new cars and found that new vehicles are priced 8.5% above MSRP on average, but the firm noted that several models are selling for 18% or more above their sticker prices. Average pricing has also increased 7.4% from last year, reaching $46,265.
The ten new cars priced highest above their MSRPs include:
- Jeep Wrangler Unlimited: 31% above
- Mini Hardtop Two- and Four-Door: 25.7%
- Genesis GV70: 25%
- Cadillac CT4-V: 23.7%
- Porsche Taycan: 22.2%
- Toyota Corolla Cross Hybrid: 21.3%
- Mercedes-Benz GLB: 21.2%
- Mercedes-Benz E-Class Wagon: 21.1%
- Porsche Macan: 20.9%
- Lexus RX 350h: 19.7%
On the other hand, there were plenty of vehicles selling at or below MSRP, including some EVs and hybrids, including:
- Chrysler Pacifica Hybrid: -1.9%
- Infiniti QX80: -1.3%
- Ford F-150 Hybrid: -0.8%
- Hyundai Ioniq 5: -0.5%
- Chevrolet Silverado 1500: -0.4%
- Hyundai Ioniq 6: -0.1%
- Volvo C40 Recharge: 0.1%
- Mazda CX-9: 0.2%
- Kia EV6: 1.1%
- Nissan Armada: 1.2%
iSeeCars cites low production numbers and strong demand as driving factors behind the models, with prices much higher than MSRP. Some models on the list, including the Wrangler and CT4-V, are considered aspirational vehicles that buyers are willing to splash out the money to obtain.
Some of the less expensive models saw price drops due to government EV incentives, as automakers such as Hyundai and Volvo missed out on tax credit eligibility due to their where their EVs are manufactured. Without the government’s helping hand to drive sales, dealers have had to price some EV models, including the Hyundai Ioniq 5, more aggressively to attract buyers. Lower gas prices have also played a role, tamping down interest in hybrids like the Pacifica and F-150.
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