Frankly, that is insane.
Some new-car segments saw price increases above the 12.1% average increase versus a year ago. They were led by vans, up 16.4%; hybrid/alternative energy (but not EVs) cars and mid-size cars, both up 15.1%; and high-end luxury cars, up 14.4%. The average selling price of a high-end luxury car hit $119,312 in September, of a high end luxury full-size SUV/crossover $102,191.
Categories with the lowest price increase versus a year ago were full-size (mainstream) SUV/crossovers, up 2.3%; electric cars, up 3.5%; and subcompact cars, up 5.0%. The modest price increase for EVs is at least partly due to the increase in availability of mainstream electric cars.
Individual brands with big September 2021 price increases relative to a year ago were Cadillac, up 51.2%; Genesis up 29.7%; and Mercedes-Benz, up 25.8%. KBB cautioned that a change in model mix from 2020 to 2021 can distort a brand’s increase or price decrease (-2% in the case of Fiat).
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