(iSeeCars) –Macroeconomic factors, including inflation, interest rates and employment concerns, have had little impact on new car demand, with the average new vehicle priced between 8.4 and 8.7 percent above MSRP for the last five months.
After analyzing over 13 million new cars, the latest iSeeCars.com study found manufacturer pricing for new cars has increased 7.4 percent in the past year, from an average MSRP of $39,712 in June 2022 to $42,645 in June 2023. Beyond this, the average dealer listing price – now $46,265, or $4,000 above MSRP – increased an additional 8.5 percent.
| Monthly Average Price vs. Average MSRP of New Cars – iSeeCars Study | |||
| Year | Avg MSRP | Avg Price | % Above MSRP |
| Jun 2022 | $39,712 | $43,717 | 10.1% |
| Jul 2022 | $40,239 | $44,347 | 10.2% |
| Aug 2022 | $40,352 | $44,375 | 10.0% |
| Sep 2022 | $40,077 | $44,020 | 9.8% |
| Oct 2022 | $40,448 | $44,346 | 9.6% |
| Nov 2022 | $40,434 | $44,263 | 9.5% |
| Dec 2022 | $41,608 | $45,428 | 9.2% |
| Jan 2023 | $41,771 | $45,466 | 8.8% |
| Feb 2023 | $41,637 | $45,276 | 8.7% |
| Mar 2023 | $42,143 | $45,706 | 8.5% |
| Apr 2023 | $42,458 | $46,041 | 8.4% |
| May 2023 | $42,191 | $45,742 | 8.4% |
| Jun 2023 | $42,645 | $46,265 | 8.5% |
“New car prices are holding up surprisingly well given the overriding economic factors impacting consumers today,” said iSeeCars Executive Analyst Karl Brauer. “We’re seeing some slight moderation, but the average new car asking price is still more than 8 percent above MSRP, confirming strong ongoing demand for new vehicles.”
Top 20 New Cars Priced Below or Near MSRP
In February this year there were three new models priced below MSRP: the Chevrolet Silverado, Volkswagen Arteon, and Cadillac Lyriq. In June there were six, with the Chrysler Pacifica Hybrid, Infiniti QX80, Ford F-150 Hybrid, Hyundai Ioniq 5, and Hyundai Ioniq 6 joining the Silverado.
“It’s telling that four of the six vehicles priced below MSRP are hybrids or electrics,” said Brauer. “We know the Inflation Reduction Act removed the $7,500 credit for the Ioniq 5 and Ioniq 6 because they aren’t built in the US. This dramatically impacted their sales and, apparently, forced dealers to price them aggressively. And relatively stable gas prices over the past several months has reduced interest and demand for hybrids like the Pacifica and F-150. We’ve seen similar pricing shifts on the used side, with our last used car pricing study showing electric vehicles dropping by 30 percent in value.”
| New Cars Priced the Lowest Below/Closest to MSRP, June 2023 – iSeeCars Study | ||||
| Rank | Model | Avg MSRP | Avg Price | % Compared to MSRP |
| 1 | Chrysler Pacifica Hybrid | $50,620 | $49,661 | -1.9% |
| 2 | Infiniti QX80 | $82,333 | $81,292 | -1.3% |
| 3 | Ford F-150 | $84,847 | $84,146 | -0.8% |
| 4 | Hyundai Ioniq 5 | $51,551 | $51,289 | -0.5% |
| 5 | Chevrolet Silverado 1500 | $52,050 | $51,835 | -0.4% |
| 6 | Hyundai Ioniq 6 | $50,566 | $50,508 | -0.1% |
| 7 | Volvo C40 Recharge | $58,736 | $58,820 | 0.1% |
| 8 | Mazda CX-9 | $41,693 | $41,786 | 0.2% |
| 9 | Kia EV6 | $54,034 | $54,648 | 1.1% |
| 10 | Nissan Armada | $63,325 | $64,071 | 1.2% |
| 11 | Buick Envision | $39,948 | $40,475 | 1.3% |
| 12 | Volvo XC40 Recharge | $58,154 | $58,922 | 1.3% |
| 13 | Nissan Maxima | $43,007 | $43,747 | 1.7% |
| 14 | Jeep Grand Cherokee L | $52,358 | $53,318 | 1.8% |
| 15 | Cadillac LYRIQ | $62,304 | $63,451 | 1.8% |
| 16 | Jeep Grand Wagoneer | $100,404 | $102,304 | 1.9% |
| 17 | Volkswagen ID.4 | $48,378 | $49,294 | 1.9% |
| 18 | Genesis G90 | $95,682 | $97,586 | 2.0% |
| 19 | Acura MDX | $59,434 | $60,626 | 2.0% |
| 20 | Chevrolet Malibu | $27,335 | $27,934 | 2.2% |
| National Average | $42,645 | $46,265 | 8.5% |
Top 20 New Cars Priced Above MSRP
The 20 models priced highest above MSRP are primarily luxury or lifestyle models, with the Jeep Wrangler holding its near-perpetual status of high demand, with market pricing to match. Models like the Genesis GV70, Cadillac CT4-V and Porsche Taycan are all premium vehicles with relatively limited production. Some high value mainstream models, including the Ford Maverick and Toyota Corolla Cross, also ranked on the list.
“It’s clear demand is still outstripping supply for premium and performance models,” said Brauer. “Buyers looking to get their dream vehicle, whether it’s a Jeep Wrangler, Cadillac CT4-V, or Porsche 718 Cayman, have money to spend and are willing to spend it.”
| New Cars Priced the Highest Above MSRP, June 2023 – iSeeCars Study | ||||
| Rank | Model | Avg MSRP | Avg Price | % Above MSRP |
| 1 | Jeep Wrangler Unlimited | $41,966 | $54,970 | 31.0% |
| 2 | MINI Hardtop 2 Door/4 Door | $29,632 | $37,237 | 25.7% |
| 3 | Genesis GV70 | $45,568 | $56,974 | 25.0% |
| 4 | Cadillac CT4-V | $58,716 | $72,622 | 23.7% |
| 5 | Porsche Taycan | $101,970 | $124,577 | 22.2% |
| 6 | Toyota Corolla Cross Hybrid | $27,996 | $33,951 | 21.3% |
| 7 | Mercedes-Benz GLB | $42,032 | $50,947 | 21.2% |
| 8 | Mercedes-Benz E-Class (Wagon) | $87,619 | $106,081 | 21.1% |
| 9 | Porsche Macan | $63,041 | $76,197 | 20.9% |
| 10 | Lexus RX 350h | $51,243 | $61,364 | 19.7% |
| 11 | Ford Maverick | $25,892 | $30,998 | 19.7% |
| 12 | Cadillac CT5 | $41,676 | $49,743 | 19.4% |
| 13 | Genesis GV80 | $58,187 | $69,189 | 18.9% |
| 14 | Mercedes-Benz GLA | $39,926 | $47,392 | 18.7% |
| 15 | MINI Countryman | $34,710 | $41,136 | 18.5% |
| 16 | Porsche 718 Cayman | $92,921 | $110,042 | 18.4% |
| 17 | BMW M5 | $109,900 | $129,852 | 18.2% |
| 18 | MINI Clubman | $36,471 | $43,082 | 18.1% |
| 19 | MINI Hardtop 2 Door (EV) | $31,206 | $36,789 | 17.9% |
| 20 | BMW X1 | $39,096 | $46,056 | 17.8% |
| National Average | $42,645 | $46,265 | 8.5% |
The Highest and Lowest Priced New Cars in the Top 50 US Cities
The vehicles priced the highest above and lowest below (or in one case closest to) MSRP in the 50 largest metro areas are listed in the table below. The Ford Maverick is the vehicle most commonly priced above MSRP, appearing in 17 cities. The Infiniti QX80 is the vehicle most commonly priced below MSRP in nine metro areas. Both models are priced similarly at the national level.
“New car demand remains strong, with market pricing remaining above 8 percent and no expectation it will drop in the near term,” said Brauer. “New car shoppers willing to research their next purchase may find a deal on some models, but don’t expect fire sale prices, even with today’s macroeconomic pressures.”
| New Vehicles Priced the Highest Over MSRP and Lowest Below/Closest to MSRP by City – iSeeCars Study | ||||||
| Metro Area | Top Vehicle Priced Above MSRP | % Above MSRP | $ Above MSRP | Top Vehicle Priced Below/Closest to MSRP | % Compared to MSRP | $ Compared to MSRP |
| Tampa-St Petersburg (Sarasota), FL | Cadillac CT4-V | 35.9% | $21,508 | Nissan Armada | -4.4% | -$2,799 |
| Louisville, KY | Kia Rio | 34.6% | $5,992 | Infiniti QX80 | -4.9% | -$4,153 |
| Washington, DC (Hagerstown, MD) | Ford Maverick | 34.5% | $9,379 | Infiniti QX80 | -9.8% | -$8,398 |
| Phoenix, AZ | Porsche Macan | 33.5% | $20,599 | Buick Encore | -6.1% | -$1,500 |
| Boston, MA-Manchester, NH | Porsche Taycan | 33.5% | $30,717 | Hyundai Ioniq 6 | -2.2% | -$1,190 |
| Baltimore, MD | Ford Maverick | 32.7% | $8,214 | Infiniti QX80 | -6.5% | -$5,642 |
| Atlanta, GA | Mercedes-Benz G-Class | 32.6% | $52,818 | Hyundai Ioniq 5 | -3.6% | -$1,823 |
| Dallas-Ft. Worth, TX | Cadillac CT4-V | 31.6% | $18,854 | Nissan Armada | -5.7% | -$3,486 |
| Pittsburgh, PA | Genesis GV70 | 31.5% | $13,793 | Chrysler Pacifica Hybrid | -5.8% | -$2,958 |
| San Francisco-Oakland-San Jose, CA | Toyota Corolla Cross Hybrid | 31.4% | $8,796 | Alfa Romeo Stelvio | -3.0% | -$1,817 |
| San Diego, CA | Toyota Corolla Cross Hybrid | 30.5% | $8,526 | Volkswagen Arteon | -4.8% | -$2,278 |
| Cincinnati, OH | Ford Maverick | 30.5% | $8,057 | Infiniti QX80 | -4.8% | -$4,067 |
| Las Vegas, NV | Genesis GV70 | 29.7% | $13,571 | Kia EV6 | -4.7% | -$2,488 |
| Sacramento-Stockton-Modesto, CA | Ford Maverick | 29.6% | $7,704 | Dodge Durango | 0.2% | $92 |
| Fresno-Visalia, CA | Ford Maverick | 29.5% | $7,235 | Hyundai Ioniq 6 | -0.5% | -$252 |
| Chicago, IL | MINI Hardtop 2 Door | 29.4% | $8,397 | Infiniti QX80 | -4.7% | -$3,854 |
| San Antonio, TX | Cadillac CT4-V | 29.0% | $17,293 | Nissan Armada | -6.1% | -$3,705 |
| Houston, TX | Porsche Taycan | 28.9% | $28,798 | Infiniti QX80 | -4.5% | -$3,587 |
| Jacksonville, FL | MINI Hardtop 2 Door | 28.6% | $8,137 | Infiniti QX80 | -6.8% | -$5,438 |
| Denver, CO | Mercedes-Benz G-Class | 28.5% | $44,011 | Volkswagen ID.4 | -5.0% | -$2,482 |
| Albuquerque-Santa Fe, NM | Ford Maverick | 28.4% | $7,675 | Ford Bronco | -2.0% | -$1,208 |
| Portland, OR | Ford Maverick | 28.3% | $7,799 | Volvo C40 Recharge | -5.1% | -$2,974 |
| Indianapolis, IN | MINI Hardtop 2 Door | 28.3% | $8,600 | Jeep Grand Cherokee L | -1.4% | -$770 |
| Detroit, MI | Lexus RX 350h | 28.3% | $13,984 | Chevrolet Silverado 1500 | -5.2% | -$2,753 |
| Hartford & New Haven, CT | Genesis GV70 | 27.9% | $12,046 | Kia EV6 | -1.5% | -$867 |
| Los Angeles, CA | Genesis GV70 | 27.8% | $12,527 | Alfa Romeo Stelvio | -1.9% | -$1,125 |
| Seattle-Tacoma, WA | Ford Maverick | 27.6% | $7,661 | Volvo C40 Recharge | -5.4% | -$3,123 |
| Philadelphia, PA | MINI Hardtop 2 Door | 27.6% | $7,910 | Ford F-150 (hybrid) | -3.3% | -$2,805 |
| Milwaukee, WI | Genesis GV70 | 27.6% | $12,102 | Jeep Grand Cherokee | -1.1% | -$755 |
| West Palm Beach-Ft. Pierce, FL | MINI Hardtop 4 Door | 27.5% | $8,255 | Buick Envision | -4.0% | -$1,704 |
| Charlotte, NC | MINI Hardtop 2 Door | 27.4% | $8,010 | Hyundai Ioniq 5 | -2.7% | -$1,369 |
| Orlando-Daytona Beach, FL | Porsche Taycan | 27.4% | $26,338 | Kia EV6 | -3.2% | -$1,626 |
| Minneapolis-St. Paul, MN | Genesis GV70 | 27.4% | $11,825 | Volvo C40 Recharge | -2.9% | -$1,713 |
| Oklahoma City, OK | Ford Maverick | 27.3% | $7,164 | Jeep Renegade | -3.5% | -$1,055 |
| Austin, TX | Porsche Macan | 27.1% | $16,512 | Mazda CX-9 | -2.4% | -$1,034 |
| Raleigh-Durham (Fayetteville), NC | Porsche Macan | 26.8% | $16,418 | Kia EV6 | -4.5% | -$2,373 |
| Salt Lake City, UT | MINI Hardtop 2 Door | 26.3% | $7,854 | Hyundai Ioniq 6 | -3.9% | -$2,028 |
| Columbus, OH | Ford Maverick | 26.2% | $6,306 | Infiniti QX80 | -2.9% | -$2,436 |
| Greenville-Spartanburg, SC | MINI Hardtop 2 Door | 26.1% | $7,638 | GMC Sierra 1500 | -6.6% | -$4,528 |
| Birmingham, AL | Ford Mustang | 25.8% | $9,396 | Infiniti QX80 | -3.5% | -$2,698 |
| New York, NY | Cadillac CT4-V | 25.2% | $14,907 | Ford F-150 Lightning | -1.9% | -$1,228 |
| Nashville, TN | MINI Hardtop 4 Door | 25.2% | $7,499 | Dodge Durango | -2.6% | -$1,335 |
| St. Louis, MO | Genesis GV70 | 25.0% | $10,770 | Volvo C40 Recharge | -6.1% | -$3,596 |
| Miami-Ft. Lauderdale, FL | Porsche Taycan | 24.7% | $24,003 | Chevrolet Silverado 1500 | -7.7% | -$3,787 |
| Norfolk-Portsmouth-Newport News,VA | Ford Maverick | 24.1% | $6,139 | Hyundai Ioniq 5 | -2.6% | -$1,356 |
| Cleveland-Akron (Canton), OH | Porsche Macan | 23.8% | $15,053 | Ford F-150 (hybrid) | -2.6% | -$2,181 |
| Harrisburg-Lancaster-York, PA | Ford Maverick | 22.6% | $6,147 | Hyundai Ioniq 5 | -0.5% | -$267 |
| Kansas City, MO | Mercedes-Benz GLC | 21.3% | $10,657 | Hyundai Ioniq 5 | -3.1% | -$1,532 |
| Grand Rapids-Kalamazoo, MI | Mercedes-Benz GLE | 19.9% | $12,753 | Nissan Armada | -1.3% | -$809 |
| Greensboro-Winston Salem, NC | Kia Forte | 19.4% | $4,034 | Chevrolet Silverado 1500 | -6.6% | -$3,832 |
More from iSeeCars.com:
Methodology
iSeeCars analyzed over 13 million new cars from June 2022 to June 2023. The average list prices of new cars, as well as the average of their MSRPs, were aggregated by month, as well as by body style, fuel type, and model. Heavy-duty vehicles and low-volume models were excluded from further analysis. The differences between average prices and average MSRP were expressed as percentage differences.
About iSeeCars.com:
iSeeCars.com is a data-driven car search and research company that helps shoppers find the best car deals by providing key insights and valuable resources, including the iSeeCars VIN Check report and Best Cars Rankings. iSeeCars has saved users over $396 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.
This article, New Hybrids and EVs Fall Below MSRP, Despite Ongoing New-Car Demand, originally appeared on iSeeCars.com.
