Ford Average Transaction Price Stable In October 2024

Even though inventory has increased substantially and incentive spending has ramped up quite a bit over the course of 2024, new vehicle average transaction pricing has largely remained the same – at least, for certain automotive brands. That certainly includes the Ford brand, as its ATP has remained mostly stable throughout the course of the year, even with inventory levels remaining far above the industry average. That was once again the case in the month of October as well, with Ford average transaction pricing remaining largely unchanged compared to September.

According to Cox Automotive, Ford average transaction pricing in October 2024 was $56,678, which is a mere $9 lower than September’s figure of $56,687. Perhaps more interestingly, that number is also a full 2.3 percent higher than October 2023, when Ford average transaction pricing was $55,411. As for the overall market, October 2024 ATP came in at $48,623, which is 0.4 percent higher than September’s $48,423, as well as 1.7 percent more than October 2023’s $47,826.

Despite this, incentive spending rose sharply in October – from 7.2 percent of ATP in September to 7.7 percent in October, or more than six percent month over month. Compared to one year ago, new-vehicle incentives have increased more than 60 percent, too, all as automakers try to conjure up sales before the end of the year. “‘Tis the season for automakers to make their final push for 2024 sales,” said Cox Automotive Executive Analyst Erin Keating. “While some automakers focus on managing production, many will likely maintain or even increase their seasonal incentives to attract buyers. With competition intensifying, these strategies will be crucial in maintaining market share and driving end-of-year sales. Our team is generally optimistic for new-vehicle sales to close out the year – extra incentives will certainly help.”

In any event, those shopping for a new Ford vehicle should find plenty on dealer lots to choose from, as the brand’s inventory levels remained above a 100 days’ supply in September – where it has been for almost the entire 2024 calendar year. By comparison, the overall automotive industry posted an 81 days’ supply over the same time period, with Ford posting the ninth highest levels of any brand.