August represented a solid month of sales for The Blue Oval, which enjoyed a 27 percent increase to 158,088 units, outperforming the industry as a whole in the process. Meanwhile, Ford average transaction pricing set yet another new record in the month of July, rising 0.6 percent month-over-month to reach $53,991. However, as new vehicle pricing rose once again for the fifth straight month in August, Ford average transaction pricing remained pretty stable, according to new data from Kelley Blue Book.
Last month, Ford’s ATP came in at $53,829, which is actually a 0.3 percent or $162 decline over July, though 4.6 percent higher than August 2021, when it was $51,476. That’s also a bit better than the industry as a whole, which rose by 0.5 percent month-over-month and 10.8 percent year-over-year to finish the month at $48,301 – another new record. At the same time, inventory continues to improve and was 43 percent higher in August than the same period in 2021, though still far below 2019 and 2020 levels.
Meanwhile, the average price paid for a new non-luxury vehicle last month was $44,559, up $132 month-over-month and a record for non-luxury vehicles, beating out the high set the prior month. Car shoppers in the non-luxury segment paid on average $1,102 above sticker price, an increase from the prior month. Non-luxury shoppers paid nearly two percent above MSRP in August, compared to one percent above MSRP a year ago.
“Prices are still high and climbing incrementally every month,” said Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive. “New-vehicle inventory levels have been rising through August, now reaching the highest level since June 2021. However, supply of popular segments – like subcompacts, hybrids and EVs – still remain very low. Automakers are focusing on building and selling high-margin vehicles. Essentially, the product mix is the primary factor keeping prices high.”