Yahoo Autos 20 New Cars Priced the Highest Over MSRP and 15 Priced Below MSRP
Summary:
The average new car is priced 7.2 percent above MSRP, a drop from 8.9 percent above MSRP a year ago
The MINI Hardtop and four Porsche models (Taycan sedan, Cayenne, Macan, Taycan wagon) are the top five cars priced highest above MSRP
Four electric cars (Hyundai Kona, Volkswagen ID.4, Kia EV6, and Hyundai Ioniq 6) and the Ford F-150 hybrid are priced the lowest below MSRP
The gap between dealer pricing and MSRP is slowly narrowing, with EVs averaging the smallest premium at 6.1 percent over MSRP.
New car pricing continues to fall relative to MSRP. A year ago, the average new car was priced at $45,597, or 8.9 percent above MSRP, but today the average new car is priced at $45,880, or 7.2 percent above MSRP. iSeeCars analyzed the pricing of over 16 million new car sales between January 2023 and January 2024, and confirmed the average new car MSRP has increased by $904 in the past year, but average dealer pricing increased by less than $300, thus the closing gap.
Premium and performance cars remain the most expensive models, with the MINI Hardtop and four Porsche models all priced more than 20 percent above MSRP. Electric cars are at the opposite end of the pricing spectrum, making up six of the 10 lowest-priced models. The Hyundai Kona Electric is 4.6 percent below MSRP, followed by the Volkswagen ID.4, Ford F-150 hybrid, Kia EV6, and Hyundai Ioniq 6 rounding out the five models priced the farthest below MSRP.
Weakening demand for EVs is confirmed when looking at pricing by vehicle type. Among major segments, sedans and trucks have the strongest pricing, at 8.0 percent and 7.5 percent above MSRP, respectively. EVs are the weakest, at 6.5 percent above MSRP.
Average New Car Price vs. MSRP for Major Segments: January 2023 vs. 2024 – iSeeCars Study | ||||||
Segment | Price vs. MSRP Jan. 2024 | Price vs. MSRP Jan. 2023 | Average Price Jan. 2024 | Average Price Jan. 2023 | Average MSRP Jan. 2024 | Average MSRP Jan. 2023 |
Overall Average | 7.2% | 8.9% | $45,880 | $45,597 | $42,789 | $41,885 |
Gas Cars | 7.3% | 8.9% | $44,492 | $44,774 | $41,453 | $41,102 |
Hybrid Cars | 7.1% | 8.5% | $47,571 | $48,324 | $44,400 | $44,554 |
EVs* | 6.1% | 8.3% | $65,413 | $61,529 | $61,641 | $56,810 |
SUVs | 7.0% | 8.4% | $46,650 | $46,176 | $43,616 | $42,603 |
Trucks | 7.5% | 10.1% | $53,774 | $52,030 | $50,016 | $47,243 |
Sedans | 8.0% | 9.5% | $38,586 | $38,906 | $35,724 | $35,526 |
* Excludes Tesla
“Supply is gradually catching up with demand, which means even as new car MSRP rises the ability for dealers to charge over MSRP falls,” said Karl Brauer, iSeeCars Executive Analyst. “At some point we’ll get back to pre-COVID new car pricing. But we’re not there yet, and at this rate it’s still at least a few years out.”
Performance and luxury cars still command a premium
While the average new car is priced 7.2 percent above MSRP, the MINI Cooper Hardtop is almost four times that premium at 25.5 percent. Four MINI models make the top 20 list of cars priced above MSRP, but Porsche has MINI beat, with six models in the top 20 and five models in the top 10. Premium brands make up 18 of the top 20 vehicles, with only the Toyota Corolla Cross Hybrid crossover and Ford Maverick compact pickup representing mainstream brands.
Top 20 New Cars Priced Highest Above MSRP: January 2024 – iSeeCars Study | ||||
Rank | Model | Price vs. MSRP | Average Price | Average MSRP |
1 | MINI Hardtop | 25.5% | $37,473 | $29,858 |
2 | Porsche Taycan (sedan) | 23.1% | $137,729 | $111,893 |
3 | Porsche Cayenne | 21.9% | $105,574 | $86,593 |
4 | Porsche Macan | 21.3% | $80,421 | $66,310 |
5 | Porsche Taycan (wagon) | 20.9% | $146,594 | $121,248 |
6 | Cadillac CT5-V | 20.0% | $67,254 | $56,043 |
7 | Porsche 718 Boxster | 19.9% | $99,848 | $83,301 |
8 | Toyota Corolla Cross Hybrid | 19.4% | $33,719 | $28,248 |
9 | BMW X3 M | 19.4% | $90,057 | $75,448 |
10 | Cadillac CT4-V | 19.3% | $66,633 | $55,873 |
11 | Porsche 718 Cayman | 18.9% | $105,910 | $89,092 |
12 | Genesis GV70 | 18.8% | $58,646 | $49,351 |
13 | MINI Countryman | 18.7% | $40,757 | $34,337 |
14 | MINI Clubman | 18.7% | $43,238 | $36,435 |
15 | Lexus LS 500 | 18.6% | $94,962 | $80,072 |
16 | Mercedes-Benz GLE | 18.6% | $82,399 | $69,500 |
17 | Ford Maverick | 18.2% | $33,098 | $27,996 |
18 | MINI Hardtop 2 Door (electric) | 17.8% | $36,434 | $30,918 |
19 | Genesis GV80 | 17.4% | $70,080 | $59,677 |
20 | Audi RS 6 Avant | 17.4% | $147,482 | $125,609 |
Overall Average | 7.2% | $45,880 | $42,789 | |
“It’s interesting to see one MINI and two Porsche EVs in the top 20 list when EVs make up a majority of the top 10 lowest-priced list,” noted Brauer. “Clearly MINI and Porsche are modulating their EV production to better align with demand. Hybrids like the Toyota Corolla Cross and Ford Maverick are also in high demand and, apparently, short supply.”
Electric vehicles, large trucks and SUVs fall below MSRP
Electric vehicles and large trucks and SUVs make up the bulk of vehicles priced at or below MSRP. The loss of the federal tax incentive for Hyundai and Kia EVs over the past year is undoubtedly forcing dealers to price these models more competitively. Large trucks and SUVs due for a redesign are also not seeing the demand they enjoyed during COVID.
Top 20 New Cars Priced Below (or Close To) MSRP: January 2024 – iSeeCars Study | ||||
Rank | Model | Price vs. MSRP | Avg Price | Avg MSRP |
1 | Hyundai Kona Electric | -4.6% | $36,211 | $37,964 |
2 | Volkswagen ID.4 | -3.6% | $48,740 | $50,547 |
3 | Ford F-150 (hybrid) | -3.3% | $82,132 | $84,910 |
4 | Kia EV6 | -2.5% | $52,004 | $53,315 |
5 | Hyundai Ioniq 6 | -2.4% | $47,691 | $48,861 |
6 | Nissan Maxima | -2.2% | $42,234 | $43,163 |
7 | Chrysler Pacifica Plug-In Hybrid | -2.0% | $53,263 | $54,329 |
8 | Nissan Ariya | -1.9% | $50,751 | $51,734 |
9 | Hyundai Ioniq 5 | -1.9% | $50,477 | $51,455 |
10 | Volkswagen Arteon | -1.8% | $47,852 | $48,734 |
11 | Buick Envision | -1.2% | $40,386 | $40,876 |
12 | Infiniti QX80 | -1.0% | $83,876 | $84,734 |
13 | Ram 1500 Classic | -0.6% | $41,693 | $41,966 |
14 | Jeep Renegade | -0.5% | $29,537 | $29,679 |
15 | Nissan Armada | -0.3% | $63,300 | $63,470 |
16 | Maserati Levante | 0.1% | $102,899 | $102,818 |
17 | Maserati GranTurismo | 0.1% | $185,777 | $185,529 |
18 | Jeep Grand Wagoneer | 0.3% | $102,743 | $102,391 |
19 | Chevrolet Silverado 1500 | 0.4% | $52,210 | $52,008 |
20 | GMC Sierra 1500 | 0.4% | $63,006 | $62,725 |
Overall Average | 7.2% | $45,880 | $42,789 | |
“While finding a discount on a new vehicle remains a challenge, it’s much easier for EV, large truck and SUV shoppers,” said Brauer. “The market appears to have reached a saturation point for electric vehicles, with both prices and sales struggling compared to a year ago. The high cost of full-size trucks and SUVs, along with the cost of fueling them in the face of inflation and reduced consumer spending power, has dampened demand for these notoriously pricey vehicles.”
Luxury brands still in demand
When ranked by brand, luxury nameplates still pull high prices relative to MSRP. Of the 13 brands averaging better than 7.2 percent above MSRP, 10 of them are luxury brands. Ford, Toyota and Subaru are also above average in price, while Volvo has fallen below the average. Buick, Acura, and Infiniti are at the bottom of the list.
Average New Car Price vs. MSRP by Brand: January 2024 – iSeeCars Study | ||||
Rank | Make | Price vs. MSRP | Avg Price | Avg MSRP |
1 | Porsche | 19.9% | $107,211 | $89,396 |
2 | MINI | 17.4% | $40,143 | $34,189 |
3 | Genesis | 13.0% | $62,485 | $55,275 |
4 | Land Rover | 12.9% | $86,924 | $77,019 |
5 | Lexus | 11.1% | $57,908 | $52,136 |
6 | BMW | 10.7% | $74,395 | $67,178 |
7 | Mercedes-Benz | 10.5% | $83,181 | $75,263 |
8 | Lincoln | 10.1% | $65,426 | $59,432 |
9 | Audi | 9.3% | $66,443 | $60,766 |
10 | Ford | 9.1% | $48,261 | $44,238 |
11 | Toyota | 8.8% | $41,559 | $38,203 |
12 | Subaru | 7.8% | $36,227 | $33,615 |
13 | Cadillac | 7.6% | $70,160 | $65,185 |
Overall Average | 7.2% | $45,880 | $42,789 | |
14 | Ram | 6.8% | $58,990 | $55,249 |
15 | Chevrolet | 6.4% | $41,828 | $39,300 |
16 | Nissan | 6.2% | $34,130 | $32,139 |
17 | Mitsubishi | 6.1% | $31,277 | $29,480 |
18 | Kia | 5.8% | $36,221 | $34,241 |
19 | GMC | 5.8% | $57,573 | $54,442 |
20 | Jeep | 5.4% | $54,441 | $51,672 |
21 | Alfa Romeo | 4.9% | $53,054 | $50,593 |
22 | Dodge | 4.8% | $43,510 | $41,531 |
23 | Hyundai | 4.7% | $36,975 | $35,312 |
24 | Mazda | 4.6% | $36,129 | $34,527 |
25 | Volvo | 4.1% | $60,153 | $57,774 |
26 | Volkswagen | 4.1% | $38,377 | $36,882 |
27 | Honda | 3.6% | $36,124 | $34,878 |
28 | Chrysler | 3.4% | $48,473 | $46,867 |
29 | Buick | 3.0% | $38,269 | $37,165 |
30 | Acura | 2.5% | $49,912 | $48,686 |
31 | Infiniti | 1.8% | $59,505 | $58,458 |
“The combination of improving new vehicle supply and falling consumer confidence is clear when looking at brand pricing,” said Brauer. “With an affluent buyer base, most luxury divisions haven’t felt the sting of the macroeconomic factors impacting mainstream consumers – at least not yet. But the past year’s downward shift in new vehicle pricing should continue, suggesting we’ll see more models, and brands, fall below MSRP in 2024.”
New Cars Priced Highest Above MSRP and Lowest Below MSRP by Metro Area
iSeeCars also determined the cars priced highest over MSRP and lowest under MSRP for each of the top 50 most populous metro areas. The model priced highest in the most metro areas is the MINI Hardtop, while the model priced lowest in the most metro areas is the Volkswagen ID.4.
New Vehicles Priced Highest Above and Lowest Below MSRP by Metro Area, January 2024 – iSeeCars Study | ||||||||
Metro Area | New Cars Priced Highest Above MSRP | New Cars Priced Lowest Below MSRP | ||||||
Model | Price vs. MSRP | Avg Price | Avg MSRP | Model | Price vs. MSRP | Avg Price | Avg MSRP | |
Albuquerque-Santa Fe, NM | Chevrolet Camaro | 27.0% | $44,776 | $35,250 | Jeep Grand Cherokee L | -4.5% | $53,191 | $55,697 |
Atlanta, GA | MINI Hardtop | 26.2% | $38,260 | $30,320 | Hyundai Kona Electric | -11.0% | $35,590 | $40,002 |
Austin, TX | Mitsubishi Mirage G4 | 33.7% | $24,562 | $18,365 | Buick Envision | -6.5% | $37,298 | $39,890 |
Baltimore, MD | MINI Hardtop | 25.7% | $36,920 | $29,373 | Volkswagen ID.4 | -9.3% | $47,366 | $52,249 |
Birmingham, AL | Porsche Macan | 22.1% | $80,502 | $65,954 | Alfa Romeo Giulia | -9.2% | $55,939 | $61,620 |
Boston, MA-Manchester, NH | MINI Hardtop | 25.9% | $36,461 | $28,964 | Hyundai Kona Electric | -5.1% | $35,887 | $37,823 |
Charlotte, NC | MINI Hardtop | 29.1% | $39,031 | $30,225 | Hyundai Ioniq 5 | -4.6% | $50,484 | $52,942 |
Chicago, IL | MINI Hardtop | 27.5% | $38,272 | $30,023 | Ford F-150 (hybrid) | -8.4% | $77,794 | $84,910 |
Cincinnati, OH | MINI Countryman | 25.9% | $43,119 | $34,250 | Dodge Durango | -6.3% | $63,423 | $67,711 |
Cleveland-Akron (Canton), OH | Porsche Cayenne | 21.6% | $106,613 | $87,681 | Alfa Romeo Giulia | -6.8% | $53,084 | $56,955 |
Columbus, OH | Porsche Macan | 24.2% | $79,505 | $64,030 | Mercedes-Benz GLS | -7.2% | $109,447 | $117,908 |
Dallas-Ft. Worth, TX | MINI Hardtop | 27.6% | $37,971 | $29,767 | Nissan Maxima | -7.7% | $40,529 | $43,923 |
Denver, CO | MINI Hardtop | 30.3% | $39,258 | $30,140 | Volkswagen ID.4 | -20.6% | $42,001 | $52,873 |
Detroit, MI | MINI Hardtop | 24.7% | $36,499 | $29,259 | Hyundai Ioniq 5 | -5.2% | $50,296 | $53,029 |
Fresno-Visalia, CA | Ford Maverick | 36.1% | $34,814 | $25,588 | Nissan Ariya | -3.5% | $51,080 | $52,917 |
Grand Rapids-Kalamazoo, MI | Jeep Wrangler | 23.5% | $54,120 | $43,807 | Kia EV6 | -2.6% | $54,356 | $55,782 |
Greensboro-Winston Salem, NC | Toyota Corolla Cross Hybrid | 23.9% | $34,955 | $28,220 | Dodge Durango | -11.7% | $60,576 | $68,641 |
Greenville-Spartanburg, SC | Mercedes-Benz GLC | 21.9% | $61,185 | $50,205 | Jeep Renegade | -5.0% | $27,572 | $29,033 |
Harrisburg-Lancaster-York, PA | Land Rover Defender | 24.1% | $74,533 | $60,070 | GMC Sierra 1500 | -5.8% | $69,110 | $73,347 |
Hartford & New Haven, CT | Jeep Wrangler | 20.7% | $53,851 | $44,634 | Kia EV6 | -6.3% | $53,025 | $56,563 |
Houston, TX | Porsche Cayenne | 24.1% | $101,904 | $82,142 | Volkswagen ID.4 | -9.3% | $43,521 | $47,959 |
Indianapolis, IN | Genesis GV70 | 23.9% | $58,685 | $47,350 | Hyundai Ioniq 5 | -6.0% | $50,269 | $53,465 |
Jacksonville, FL | Cadillac CT5 | 21.5% | $51,243 | $42,180 | Dodge Durango | -6.7% | $59,255 | $63,480 |
Kansas City, MO | Lincoln Aviator | 22.7% | $74,864 | $61,002 | Dodge Durango | -5.1% | $63,093 | $66,464 |
Las Vegas, NV | Porsche Cayenne | 31.1% | $107,043 | $81,655 | Kia Niro EV | -5.4% | $38,297 | $40,473 |
Los Angeles, CA | MINI Hardtop | 23.0% | $37,134 | $30,195 | Jeep Cherokee | -5.9% | $35,477 | $37,695 |
Louisville, KY | Porsche Cayenne | 27.7% | $102,797 | $80,469 | INFINITI QX80 | -7.6% | $79,307 | $85,832 |
Miami-Ft. Lauderdale, FL | Porsche Macan | 24.6% | $81,690 | $65,554 | Jeep Cherokee | -10.6% | $33,747 | $37,758 |
Milwaukee, WI | Porsche Cayenne | 26.7% | $103,749 | $81,870 | Kia EV6 | -7.9% | $51,571 | $56,000 |
Minneapolis-St. Paul, MN | MINI Hardtop | 27.2% | $36,646 | $28,800 | Volkswagen ID.4 | -13.5% | $45,037 | $52,093 |
Nashville, TN | Porsche Cayenne | 29.1% | $104,619 | $81,067 | Volkswagen ID.4 | -3.7% | $48,507 | $50,386 |
New York, NY | MINI Hardtop | 25.1% | $37,017 | $29,581 | Hyundai Kona Electric | -3.7% | $36,717 | $38,147 |
Norfolk-Portsmouth-Newport News,VA | Chevrolet Camaro | 22.3% | $45,143 | $36,900 | Hyundai Ioniq 5 | -5.0% | $48,928 | $51,488 |
Oklahoma City, OK | Jaguar F-PACE | 21.9% | $71,240 | $58,462 | Jeep Renegade | -10.3% | $27,259 | $30,390 |
Orlando-Daytona Beach, FL | Porsche Macan | 26.7% | $88,368 | $69,729 | Mercedes-Benz G-Class | -10.5% | $208,598 | $233,115 |
Philadelphia, PA | MINI Hardtop | 29.7% | $39,893 | $30,759 | Mercedes-Benz SL-Class | -11.4% | $132,611 | $149,590 |
Phoenix, AZ | Porsche Macan | 27.4% | $85,841 | $67,354 | Kia Niro EV | -7.3% | $38,916 | $41,989 |
Pittsburgh, PA | Porsche Cayenne | 26.7% | $106,684 | $84,212 | Chrysler Pacifica Plug-In Hybrid | -11.8% | $47,304 | $53,660 |
Portland, OR | MINI Hardtop | 25.9% | $38,165 | $30,315 | Nissan Ariya | -9.9% | $48,702 | $54,042 |
Raleigh-Durham (Fayetteville), NC | Porsche Cayenne | 29.3% | $105,558 | $81,663 | Buick Envision | -6.2% | $39,650 | $42,283 |
Sacramento-Stockton-Modesto, CA | Porsche Cayenne | 26.5% | $106,106 | $83,862 | Hyundai Kona Electric | -7.7% | $35,276 | $38,239 |
Salt Lake City, UT | Porsche Macan | 23.7% | $80,792 | $65,305 | Hyundai Ioniq 5 | -13.7% | $45,093 | $52,246 |
San Antonio, TX | MINI Hardtop | 27.8% | $37,769 | $29,550 | Buick Envision | -6.8% | $38,516 | $41,329 |
San Diego, CA | Porsche Taycan | 28.1% | $154,787 | $120,800 | Volkswagen ID.4 | -7.6% | $47,323 | $51,197 |
San Francisco-Oakland-San Jose, CA | Porsche Taycan | 27.4% | $126,265 | $99,071 | Mercedes-Benz SL-Class | -6.9% | $132,843 | $142,736 |
Seattle-Tacoma, WA | MINI Hardtop | 25.2% | $37,931 | $30,300 | Hyundai Kona Electric | -10.1% | $34,068 | $37,916 |
St. Louis, MO | Genesis GV70 | 20.0% | $58,577 | $48,810 | Nissan Ariya | -11.7% | $44,531 | $50,455 |
Tampa-St Petersburg (Sarasota), FL | Porsche Cayenne | 28.5% | $107,035 | $83,271 | Mitsubishi Mirage G4 | -8.1% | $16,571 | $18,040 |
Washington, DC (Hagerstown, MD) | MINI Hardtop | 25.7% | $36,786 | $29,263 | Jeep Renegade | -8.9% | $26,949 | $29,587 |
West Palm Beach-Ft. Pierce, FL | Porsche Macan | 25.3% | $81,145 | $64,747 | Dodge Charger | -9.5% | $34,159 | $37,761 |
More from iSeeCars.com:
Methodology
iSeeCars analyzed over 16 million new car sales 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.
Methodology
iSeeCars analyzed over 16 million new car sales from January 2023 to January 2024. 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
This article, 20 Cars Priced the Highest Over MSRP and 15 Priced Below MSRP, originally appeared on iSeeCars.com.
