In July 2024, new-vehicle incentives climbed to 7.0% of the average transaction price (ATP), the highest in over three years, according to Kelley Blue Book.
The ATP for new vehicles was $48,401, slightly down from the previous year. Incentives, now averaging $3,383, have surged nearly 60% year-over-year, reflecting a more buyer-friendly market amid rising inventories. Electric vehicle (EV) incentives also saw a significant increase, with packages averaging over 12% of the transaction price.
Despite these incentives, high auto loan rates continue to challenge affordability for consumers. Popular models like the Ford F-series and Chevrolet Silverado remained top sellers, contributing to higher industry ATPs. For more details, visit Kelley Blue Book’s official website.
