Though many expected new vehicle average transaction pricing to fall throughout the course of 2024 following years of record runs, that hasn’t necessarily been the case at all. Rather, the decline in new vehicle pricing has been a bit slow and deliberate, with several month-over-month increases along the way. This is also true of Lincoln average transaction pricing, which has seen its fair share of ups and downs thus far – a trend that continued in July, too.
According to new data from Cox Automotive, Lincoln average transaction pricing actually increased by one percent from June’s figure of $65,461, closing out July at $66,148. That’s also 1.7 percent higher than July 2023, when Lincoln’s ATP was $65,022. As for the Ford brand, average transaction pricing decreased by 0.8 percent or $464 in July to $55,932 last month, which is 0.2 percent higher than July 2023, when it was $55,846. At the same time, the overall market remained flat with an ATP of $48,424 in June compared to $48,401 in July – and a mere 0.2 percent lower than July 2023’s figure of $48,507.
It’s worth noting that this means July 2024 marks the 10th consecutive month of a decline in new vehicle average transaction pricing, even though it was a barely noticeable one. Cox Automotive points out that while higher incentives and inventory levels are working to drive prices down, high loan rates and tight credit conditions continue to prevent them from slipping further. There were 2.91 million vehicles in stock at the beginning of July – a 52 percent increase year-over-year – while incentive spending rose by 6.4 percent to 7.0 percent of the average transaction price, or $3,383. Regardless, expensive, full-size pickup trucks continue pushing the industry’s ATP higher.
“Not every brand is seeing sky-high days’ supply, but, in most cases, where there is excess, incentives are climbing,” said Erin Keating, executive analyst at Cox Automotive. “The higher incentives are helping consumers, but stubbornly high interest rates and tighter credit conditions continue to make affordability challenging. If we are going to see the market live up to its potential, we will need to see rates lower, and credit loosen.”
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.
Comment
Disgusting. When prices of everything else, including real estate and food, etc (but NOT auto insurance) are falling, vehicle prices rise. Who are the morons buying at these prices? They need lobotomies, for sure.