Though new vehicle prices have fallen throughout the course of 2024, that decline hasn’t been quite as steep or rapid as some had hoped. Rather, it’s been a slow downward creep, even though new vehicle inventory has swollen to higher than average levels and incentive spending has made a big comeback. Regardless, when it comes to Ford Motor Company average transaction pricing – combining the Ford and Lincoln brands together – not much changed in the month of September, either.
According to new data from Cox Automotive, Ford Motor Company average transaction pricing came in at $57,069 following the conclusion of September, which is a mere 0.9 percent higher than August’s figure of $56,538, though it’s also 1.8 percent higher than September 2023, when FoMoCo’s ATP was $56,084. By comparison, the overall market had a September 2024 ATP of $48,397 – 0.8 percent higher than August’s $47,997, but 0.4 percent lower than the $48,615 it was over the same time period one year ago.
The Ford brand had an ATP of $56,489 in September, up 0.9 percent from $55,963 in August 2024 and 1.6 percent higher than September 2023’s $55,618, while Lincoln’s ATP came in at $66,780, which is a mere 0.3 percent higher than August’s figure of $66,576, as well as 0.6 percent more than September 2023, when the luxury brand’s ATP was $66,361.
High inventory and increased incentive spending continue to have an overall downward price pressure on the new vehicle market in general. Incentive spending in September increased for the third straight month, rising from 7.2 percent of the average transactions price in August to 7.3 percent in September ($3,522) – far higher than the 4.8 percent automakers were spending in September 2023.
“New-vehicle transaction prices continue to be very steady this year, and higher incentive spending is helping maintain sales volume,” said Cox Automotive Executive Analyst Erin Keating. “We still believe there is potential for growth in the market for the rest of the year, but with the uncertainty of a national election around the corner and major weather events disrupting business, maybe a slow, steady pace is all we should expect.”
Comments
This is NOT a good thing when a lot of others are finally falling.
Ford, here’s the facts … vehicles are way too expensive, and there are quick ways to get their cost back down to earth. Get off the extra cost colours, offer maybe 5 colours all part of the standard equipment. Get off the premium mindset … here’s a truck idea. Take the Maverick an F150 and create the Ford “All American” series … just three colours, Red, White, an Blue. The F150 comes in a Reg cab, 8 ft box, auto, air, cruise, am/fm radio, cloth seats w/folding arm rest (basically XL), trailer hitch, V6 or V8 is the only option … price $25K w/V6 and $26K w/small V8. Now … as for the Maverick the XL/All American since it’s a 4 door pwr/wind/locks, auto, air, cruise, cloth seats, am/FM radio, trailer hitch, again colours, Red, White, & Blue, 1.5 ecoboost engine, price $23K. Now the hard part to keep cost down, a ad campaign done on the national scale, w/dealer placement on a limited basis, demand will drive sales … no dealer ad allowance or hold backs, no rebates, nothing the price is the price.
In closing … this is basic Robert MacNamara planning, he was the father of the successful Ford Falcon, the above vehicles can reflect this thinking. Now for the Dealers, it’s time to create a better Dealer aftermarket accessories … that way people who say buy the Maverick All American can buy chrome trim rings for the steel wheels, an plug in adapter to allow wireless phone connections (Amazon sell them for about $25.00), and Ford Engineers … get your act together and create a fully weather proof tonneau cover, leakage has been a problem since the Maverick nameplate came back to market.
One other thing … What ? The Ford Transit Courier. This is a great looking vehicle, especially in the Active Trim level. Stop putting it off, put EVs out to pasture and get this van to market in the US market. I’d be a RIGHT NOW BUYER on a Active level, those trims sell from about $23K to $27K when you convert Euros to US dollars … Farley, I hope you read the suggestions from YOUR real customers, not some stupid college student or soccer mom who hates a common sense vehicle like the Transit Courier because it hurts their “Ego” … they need to get over it. I base a buying decision on need, not Ego which is exactly why you’re going to lose sale to people like me … I was ready to pull the trigger on a Transit Connect Wagon … they are gone. And Farley remember this … my wife an I are on our buying cycle … you currently don’t have anything we really like at the time this is written. I’d be great with a FWD only Bronco Sport base model with a trailer hitch, and cargo setup for the back. You, and all the “influencer” people need to understand, we need room an comfort, not AWD ! And the Escape, Farley that ship has sailed, don’t want a SUV that looks like everyone else’s in production whose plagued with QC issues.