During the worst times of the Covid-19 pandemic and subsequent chip shortage, folks who needed a vehicle sometimes paid over the sticker price for a new car. New research from ISeeCars looked at the models that were still going for over MSRP and found that the ones with the highest markups were mostly premium offerings. The table below shows the figures.
|Model||Average MSRP||Average Price||Percent Difference Between Price and MSRP|
|Genesis GV70||$44,299||$56,476||27.5 Percent|
|Jeep Wrangler||$35,827||$44,396||23.9 Percent|
|Mercedes-Benz GLB-Class||$41,061||$50,452||22.9 Percent|
|Porsche Taycan||$100,169||$122,940||22.7 Percent|
|Jeep Wrangler Unlimited||$45,386||$55,347||21.9 Percent|
|Cadillac CT4-V||$57,737||$69,904||21.1 Percent|
|Genesis GV80||$56,388||$68,240||21.0 Percent|
|Porsche Macan||$61,589||$74,275||20.6 Percent|
|Cadillac CT5||$41,870||$50,383||20.3 Percent|
|Lexus RX 350h||$49,339||$59,347||20.3 Percent|
|National Average||$41,637||$45,296||8.8 Percent|
Gallery: 2022 Genesis GV70
The final figure is especially interesting. Based on this data, the average MSRP for a new vehicle in the United States is $41,637 as of February 2023, and buyers are paying 8.8 percent more than that by shelling out $45,296.
This percentage is among the lowest in the past 12 months, according to this research. It was also 8.8 percent in January 2023. However, the average difference was as much as 10.2 percent in July 2022.
“The difference between dealer pricing and MSRP should continue to fall as the supply chain improves, though getting back to MSRP for most models may not happen this year," said Karl Brauer, executive analyst at iSeeCars.
The study found three models that are actually selling for below MSRP. The Chevrolet Silverado 1500 has an average retail price of $51,103 but goes for $50,116 – a 1.9 percent difference. The Volkswagen Arteon sells for $45,648 on average, which is 0.4 percent below the asking price. The Cadillac Lyriq currently changes hands at $61,575, which is also 0.4 percent under MSRP.
To do this analysis, ISeeCars looked at over 12 million new car sales from February 2022 to February 2023. The research excluded heady-duty and low-volume models.