Ford Average Transaction Price Stable In February 2024

March 12, 2024 11:17 am

Throughout the course of 2023, we watched as new vehicle average transaction pricing declined somewhat, and looking ahead to 2024, that trend is expected to continue – albeit ever so slightly. As for the Ford brand, average transaction pricing did precisely that in January to kick off the new year, as it dropped 2.3 percent month-over-month versus December, as well as a more substantial 5.5 percent compared to January 2023. However, Ford ATP stabilized somewhat in February, according to new data from Cox Automotive.

In February, Ford ATP finished the month at $53,309, which is a mere 0.3 percent higher than January, when it came in at $53,155. This figure was also 3.5 percent lower than February 2023, when the Ford brand ATP was $55,231. As for the overall market, it largely followed suit, as average transaction pricing for new vehicles finished February at $47,279, which is a nominal 0.1 percent higher than January’s $47,244, as well as 2.2 percent less than the $48,316 it was in February 2023.

Regardless, the downward pressure on new vehicle pricing continues as inventory keeps rising, all while automakers introduce more incentives in an effort to spur sales – in fact, incentives in February were 5.7 percent higher than January. At the beginning of February, new vehicle inventory levels in the U.S. stood at 2.61 million units, which is 50 percent more than February 2023, though a strong seasonally adjusted annual rate (SAAR) of 15.8 million units in sales has that particular figure on track for its best annual result since 2019.

“While everyone may applaud that prices are coming down, even marginally for the moment, affordability is still challenging the market,” said Erin Keating, executive analyst for Cox Automotive. “Most shoppers have not seen their incomes increase as quickly as vehicle prices, so affording a new vehicle remains difficult. We should also note that despite rising inventory, which is good for consumers, the levels are muted, not alarming.”

We’ll have more on Ford average transaction pricing soon, so be sure and subscribe to Ford Authority for non-stop Ford news coverage.

By Brett Foote

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.