According to a new study, fewer car manufacturers in the United States are selling cars with markups compared to this time last year. The study revealed that out of 31 car manufacturers, only nine had average fleet transaction prices (ATPs) that exceeded their manufacturer’s suggested retail price (MSRPs).
To put things into perspective, Edmunds analyzed 32 automakers in April 2022, and found that 26 of them had average fleet transaction prices (ATPs) exceeding their MSRPs.
While this year’s data indicates fewer markups than last year, it’s important to note that a handful of carmakers still charge high markups. Nevertheless, the drop in ATPs suggests that buyers may be able to find better deals in the market.
Read: The Days Of Paying Over MSRP Could Be Ending As New Vehicle Inventory Hits 2-Year High
In April, Land Rover topped the list of car manufacturers with the highest average markup from their MSRPs. Edmunds reports that its ATP sits $3,517 higher than its average MSRP, which is a significant increase from the $2,565 markup reported in January 2022. This is primarily because the average Range Rover sells for $8,144 above MSRP, while the Range Rover Sport typically sells for $4,926 above MSRP. Additionally, the Defender commands a $1,255 premium.
Kia takes second place with the highest markups. While its ATP sits at $873 above its average MSRP, it represents a decline from the average $2,289 markup reported last year. The Sportage Plug-In Hybrid carries the highest premium at $1,975, followed by the Carnival at $1,600 above MSRP. The Telluride is being sold for $1,578 above MSRP, while the Sportage Hybrid has a markup of $1,384. The Sorento Plug-In Hybrid and Hybrid are also selling above MSRP, with a markup of $1,142 and $1,119, respectively.
Honda was third with an average transaction price sitting $647 above sticker, with the CR-V being the hardest hit at $1,326. However, the Passport and Ridgeline typically sell for $240 and $880 below sticker, respectively.
Out of the 31 car manufacturers analyzed, 22 had ATPs below their average sticker price this month. The highest discount was offered by Volvo with an average of $3,084, followed by Lincoln with an average discount of $1,881, Infiniti with $1,869, Buick at $1,772, and Ram with discounts of $1,678. These carmakers are the ones to look out for if you’re in the market for a bargain.