New car transaction prices remain stubbornly high due to continued supply shortages, according to a new report.
The latest survey of sales from iseecars.com found that vehicles sold between July 1 and Sept. 7, 2022 were going for an average of 10% above MSRP. That is basically flat from the 9.9% seen during February and March.
"Dealers have responded to market conditions by pricing cars above MSRP making a higher profit on specific models to help offset lower sales volumes from restricted new car production," iSeeCars Executive Analyst Karl Brauer said.
"In today’s market, consumers are willing to pay well-above sticker price for new cars because inventory is so scarce and because they know that new car pricing is not expected to improve until 2023 at the earliest."
THE 2023 JEEP WRANGLER WILLYS 4XE IS A RETRO HYBRID SUV
The two-door Jeep Wrangler had the highest markups found in the latest iseecars.com study of new car transaction prices. (Jeep)
Some vehicles have been commanding even higher premiums, with the top 15 all above 18%.
Number one on the dubious list is the two-door version of the Jeep Wrangler. It was selling for $8,433 over list, which represents a 24.4% markup. The dollar markup on the more expensive four-door was higher at $8,877, which equates to 20% over MSRP.
The Ford Bronco was also high on the markup list. (Ford)
The Porsche Macan SUV (23.1%/$14,221), Genesis GV70 (22.4%/$10,278) and Lexus RX 450h (21.9%/$10,874) followed the two-door Wrangler while its arch-competitor, the Ford Bronco, bracketed them in fifth place with a 21.6% markup at $8,697 over list.
"Consumers looking to purchase a new car should do their research and compare prices between multiple dealers, and in some cases can avoid markups by ordering directly from the manufacturer," Brauer said.
THESE ARE THE ONLY NEW CARS LEFT FOR UNDER $20,000
The Ford Maverick, which as a starting price of $20,490, was the most affordable model on the list, but carried 18.4% markup worth $4.614. That was not enough to persuade buyers, however, as the Maverick is essentially sold out for 2022 and is so popular that the 2023 reservation book was filled up in less than a week and is already closed.
Here is the full list of the most in demand models right now from iseecars.com and the markups you can expect to pay if you really want one:
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Jeep Wrangler 24.4%/$8,433
Porsche Macan 23.1%/$14,221
Genesis GV70 22.4%/$10,278
Lexus RX 450h 21.9%/$10,847
Ford Bronco 21.6%/$8,697
Jeep Wrangler Unlimited 20.0%/$8,877
Cadillac CT5 19.9%/$8,335
Porsche Cayenne 19.6%/$16,750
Chevrolet Corvette 19.5%/$14,697
Mercedes-Benz GLB 19.0% /$7,650
MINI Hardtop 2 Door 18.8%/$5,426
Lexus RX 350L 18.8%/$9,423
Jeep Gladiator 18.5%/$8,478
Ford Maverick 18.4%/$4,614
Genesis GV80 18.0%/$10,124
Overall Average 10.0%/$3,946