The ATP of a new vehicle in the U.S. rose 1.7% over the same period last year in 2023 to $48,623 in October 2024. However, transaction prices have remained relatively flat at around $48,500 due to higher inventory levels.
New-vehicle incentives also soared in October to 7.7% of the ATP – which is more than 60% higher than a year ago – the highest incentive level since April 2015, and an indication of increasing competition as automakers begin ramping up a final sales push into the end of the year.
Of the most competitive segments, the compact SUV led the way with incentives averaging at 9.4% of ATP, pricing at $36,769. Full-size pickups posted a modest year-over-year ATP decline.
EV prices remained above average for the class, with the ATP at $56,902, but incentives for EVs were greatly augmented. This brought EV incentives to 13.7% of ATP in October, making electric vehicles more accessible to consumers.
Tesla’s average transaction prices declined but was lowered by a fall of the price of Cybertruck to under $100,000 for the first time in this reporting cycle. Yet, prices at Tesla are higher than they were one year ago.
