The average transaction price (ATP) was $48,389, statistically unchanged from the downwardly revised price of $48,368 in April. Lower Y/Y by 0.9%, approximately $442.
The average new-vehicle incentive package – discounts and rebates included – last month was 6.7% of the average transaction price, an increase from April and the highest level since May 2021.
Vehicles transacting below $40,000 accounted for 41.2% of new-vehicle sales in May, up from 36.8% one year ago.
ATPs over $60,000 in May, accounting for 26.4% of total sales, an increase from 20.4% in May 2023.
The middle of the market, vehicles with ATPs ranging from $40,000 to $60,000, lost share in May, falling from 37.9% in May 2023 to 32.5% last month.
The average price paid for an electric vehicle in May was $56,648, which is 2.6% higher than in April. Industry-wide EV prices in May were lower year over year by 4.1%.
According to the Manheim Used Vehicle Value Index, wholesale vehicle values declined 0.6% in May on a seasonally adjusted basis. The Manheim index ended May lower by 12.1% year over year.
Retail used-vehicle sales in May were up 6% compared to April and higher year over year by 12%. The average retail listing price for a used vehicle was unchanged over the last four weeks.
