With tight supplies of vehicles and high demand from consumers, manufacturers pulled backon incentive spending in the first half, and average incentive spending per unit fell each monththrough June. Average incentive spending has decreased from a record high of over $4,700 perunit in April 2020 to record lows of under $1,000 per unit in June 2022. The cuts to incentivespending, OEM production mix and strong demand from consumers pushed new-vehicle averagetransaction prices to record highs as well-just shy of $46,000 through June 2022. The shortageof new vehicles caused used-vehicle wholesale and retail pricing to hit record highs near the endof 2021 as many consumers and fleet buyers switched to the used market. While used-vehiclewholesale prices have fallen slightly from their recent highs, we expect that used-vehicle valueswill continue to be well above their pre-pandemic levels for as long as the industry is dealing withthe chip shortage and its limiting effects on new-vehicle inventories.
To improve the breadth of information provided in NADA Data, we offer a section focusing onthe new- and used-vehicle consumer, with in-depth data from Experian. These stats includeaverage monthly payment, average loan term, leasing and more.
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