While new vehicle pricing declined somewhat through the first several months of 2023 following years of increases, July represented a bit of a turning of the tide for Ford, in particular. While Ford’s ATP grew by 0.7 percent over that time period, Lincoln average transaction pricing remained mostly flat with a 0.1 percent decline. Even though Ford’s ATP increased by 1.4 percent in August, that trend largely continued with Lincoln average transaction pricing, which remained essentially stable last month, according to new data from Cox Automotive.
Last month, Lincoln average transaction pricing grew by a total of 0.4 percent to $65,410, which is also three percent higher than August 2022, when it finished the month at $63,534. This growth lagged behind the market as a whole, however, which saw its ATP increase by 0.6 percent to $48,451, which is a mere 0.1 percent higher than last year.
As for the luxury market as a whole, average transaction pricing was down 3.3 percent year over year to $64,107, and since the start of 2023, luxury prices have declined by more than four percent. Overall, the luxury segment continued to deliver strong results in August, holding an 18.8 percent share of the U.S. market, too.
“After a tumultuous last few years in the automotive marketplace, now we are seeing new-vehicle pricing trends hold steady,” said Rebecca Rydzewski, research manager at Cox Automotive. “Dealers and automakers are feeling price pressure, and with high auto loan rates and growing inventory levels, new-vehicle prices seem to have hit a ceiling, at least for now. The very real potential for a UAW strike may impact some product lines, but with the current inventory levels in place, we don’t expect a short-lived strike to impact consumer prices in any meaningful way, at least in the near term.”