With demand cooling and inventory growing by a significant margin, most expected new vehicle average transaction pricing to soften through the course of 2024, though it certainly hasn’t declined by any notable margin thus far. Rather, the market has seen its ATP fluctuate somewhat, though in the case of Lincoln average transaction pricing, it has remained mostly unchanged through the first half or so of 2024. That trend continued in the month of June, too.
According to new data from Cox Automotive, Lincoln average transaction pricing closed out the month at $65,479, which is basically flat compared to May, when it was $65,510. It is 0.6 percent higher than June 2023, however, when Lincoln’s ATP came in at $65,097, a figure that’s quite different than the overall market. As for Ford, that brand saw its ATP grow by 1.1 percent month-over-month and was 1.7 percent higher than June 2023. As far as the total new vehicle market goes, ATP increased by 0.6 percent versus May to finish June at $48,644, which is also 0.6 percent lower than June 2023’s figure of $48,951.
Though ATP for the overall market increased slightly last month, more notably, it was also lower year over year for the ninth straight month. Interestingly, incentive spending was down a bit in June as well, coming in at 6.4 percent of ATP or $3,102 versus 6.7 percent in May, though it remains much higher than June 2023’s 4.2 percent of ATP, or $2,036, on average. Regardless, this still signals that many automakers aren’t swayed by swelling inventory – at least in certain cases.
“As we head into the back half of the year, we are seeing that automakers are showing real discipline on pricing,” said Cox Automotive Executive Analyst Erin Keating. “Even brands holding onto more days’ supply, like many Stellantis brands, are keeping incentive spend in check. In June, Jeep increased to 6.3 percent – still below industry average – from 5.3 percent, and Ram actually declined to 5.5 percent from 6.3 percent. There appears to be a real effort to hold the line out there.”
We’ll have more on Lincoln average transaction pricing soon, so be sure and subscribe to Ford Authority for the latest Lincoln news and comprehensive Ford news updates.
No Comments yet