A new study shows that prices are going up across the automotive market but at the same time, some desirable models are available under MSRP. Here’s a quick breakdown of what deals are out there among the sea of inflated car, truck, and SUV prices.
As prices have ballooned over the last few years we’ve documented greedy dealers trying to milk every last cent out of their customers. Now, pricing seems to be slowly but surely dipping back down despite continued demand. A new study from iSeeCars highlights the big shifts that we’re seeing and where the most lucrative deals can be had.
Over the last year, from June 2022 through June 2023, it found that MSRP is, on average, 7.4 percent higher. A year ago it was $39,712 while it now stands at $42,645. Interestingly, dealers are still charging markups to the tune of $4,000 or 8.5 percent above MSRP. Notably, these figures are simply averages across 13 million new cars.
Read:
At the same time, iSeeCars found 20 vehicles listed, on average, within 2 percent of MSRP. Those above MSRP on the list include the Genesis G90 (2% above MSRP), the Jeep Grand Cherokee L (1.8% above), and the Volvo XC40 Recharge (1.3% above). Those are all desirable models for different groups of buyers so it’s surprising to see them so close to MSRP.
The cars that, on average, are selling below MSRP are also important models both for their brands and for their buyer demographics too. They include the Hyundai Ioniq 6 and 5, the Chevrolet Silverado 1500, the Ford F-150, the Inifiniti QX80, and the Chrysler Pacifica Hybrid.
The Chrysler and Infiniti are the only two with an average list price of 1 percent or more below MSRP. Despite that, it’s great to see that some dealers are actually charging what automakers prepare their customers to expect.
On the flip side, there are a number of models priced well above MSRP including the Jeep Wrangler, the Cadillac CT4-V, and the Porsche Taycan. Each of those three sits at 20 percent or more above MSRP on average. For a deep dive into the whole report see the full study on iSeeCars.com.
