New car markups are the lowest they’ve been in over a year, but several models are still being advertised with big add-ons.
The latest study by iSeeCars found that the average list price at dealers was 8.8% higher than the manufacturer’s suggested retail price, which was the same as January, but down from 10% last summer.
The overall average price is up from $42,551 to $45,996, but that’s partly due to increases in MSRP.
"There’s no denying it – new cars are expensive!" Karl Brauer, executive analyst at iSeeCars, said.
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The four-door Jeep Wrangler Unlimited was marked up an average of 21.9% in February. (Bill Pugliano/Getty Images))
"The manufacturers keep raising their prices and then the dealers raise them again."
Several popular models were going for far more inflated prices, with the top 10 marked up more than 20% over list.
The Genesis GV70 had the highest markups of any mainstream vehicle in February. (Genesis)
Among the highest are the Genesis GV70, which is advertised with an average 27.5% markup, and the two-door Jeep Wrangler at 23.9%.
The full iSeeCars list is dominated by premium SUVs:
Genesis GV70: 27.5%
Jeep Wrangler: 23.9%
Mercedes-Benz GLB: 22.9%
Porsche Taycan: 22.7%
Jeep Wrangler Unlimited: 21.9%
Cadillac CT4-V: 21.1%
Genesis GV80: 21.0%
Porsche Macan: 20.6%
Cadillac CT5: 20.3%
Lexus RX 350h: 20.3%
The Chevrolet Silverado 1500 was the best new car deal in February. (Chevrolet)
There are a few model lines dipping below MSRP again, however, led by the Chevrolet Silverado 1500 pickup, which is listed at an average discount of -1.9%.
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The Volkswagen Arteon sedan and new Cadillac Lyriq were discounted -0.4% while the Infiniti QX80 was selling exactly at MSRP.
"The Lyriq is a brand new electric SUV, so it’s surprising to see it priced right at MSRP. Of course, it was recently caught up in the government’s recategorization of which models earn the $7,500 federal tax credit, which likely impacted how dealers priced it," Brauer said.
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Three pickups are among the vehicles with the lowest markups:
Chevrolet Silverado 1500: -1.9%
Volkswagen Arteon: -0.4%
Cadillac Lyriq: -0.4%
Infiniti QX80: 0.0%
GMC Sierra 1500: 0.9%
Chevrolet Malibu: 1.1%
Ford F-150 (hybrid): 1.6%
Chevrolet Traverse: 2.0%
Buick Envision: 2.1%
Mazda CX-9: 2.3%