20 new cars with the highest price above the recommended retail price and 15 with the highest price below the recommended retail price

(iSeeCars) –

  • The average new car costs 7.2 percent above the recommended retail price, down from 8.9 percent above the recommended retail price a year ago
  • The MINI Hardtop and four Porsche models (Taycan sedan, Cayenne, Macan, Taycan wagon) are the top five cars priced highest above MSRP
  • Four electric cars (Hyundai Kona, Volkswagen ID.4, Kia EV6 and Hyundai Ioniq 6) and the Ford F-150 hybrid are the lowest priced below the recommended retail price
  • The gap between dealer prices and recommended retail price is slowly closing, with EVs having the smallest premium on average of 6.1 percent compared to the recommended retail price.

Prices for new cars continue to fall compared to the recommended retail price. A year ago the average new car cost $45,597, or 8.9 percent above MSRP, but today the average new car costs $45,880, or 7.2 percent above MSRP. iSeeCars analyzed the prices of more than 16 million new cars between January 2023 and January 2024 and confirmed that the average MSRP of new cars increased by $904 over the past year, but average dealer prices increased by less than $300, putting it hole is closed.


Premium and performance cars remain the most expensive models, with the MINI Hardtop and four Porsche models all more than 20 percent above MSRP. Electric cars are at the other end of the price spectrum, making up six of the ten cheapest models. The Hyundai Kona Electric is 4.6 percent below MSRP, followed by the Volkswagen ID.4, Ford F-150 hybrid, Kia EV6 and Hyundai Ioniq 6, rounding out the five models furthest below MSRP.

The declining demand for electric vehicles is confirmed when we look at prices per vehicle type. Of the major segments, sedans and trucks have the strongest prices, at 8.0 percent and 7.5 percent above MSRP, respectively. EVs are the weakest, at 6.5 percent above recommended retail price.

Average new car price vs. MSRP for key segments: January 2023 vs. 2024 – iSeeCars study
Segment Price versus MSRP January 2024 Price versus MSRP January 2023 Average price January 2024 Average price January 2023 Average suggested retail price January 2024 Average suggested retail price January 2023
Overall average 7.2% 8.9% $45,880 $45,597 $42,789 $41,885
Gasoline cars 7.3% 8.9% $44,492 $44,774 $41,453 $41,102
Hybrid cars 7.1% 8.5% $47,571 $48,324 $44,400 $44,554
EVs* 6.1% 8.3% $65,413 $61,529 $61,641 $56,810
SUVs 7.0% 8.4% $46,650 $46,176 $43,616 $42,603
Trucks 7.5% 10.1% $53,774 $52,030 $50,016 $47,243
Sedans 8.0% 9.5% $38,586 $38,906 $35,724 $35,526

* Excluding Tesla

“Supply is gradually catching up with demand, meaning that even if the MSRP of new cars increases, dealers will have the opportunity to charge if the MSRP falls,” said Karl Brauer, iSeeCars Executive Analyst. “At some point we will return to pre-COVID new car prices. But we are not there yet, and at this rate it will take at least a few more years.”

Performance and luxury cars still command a premium

While the average new car is 7.2 percent above the recommended retail price, the MINI Cooper Hardtop is almost four times more expensive at 25.5 percent. Four MINI models are in the top 20 cars priced above MSRP, but Porsche has beaten MINI, with six models in the top 20 and five models in the top 10. Premium brands make up 18 of the top 20 vehicles, with only the Toyota Corolla Cross Hybrid crossover and Ford Maverick compact pickup representing mainstream brands.

Top 20 new cars with the highest price above MSRP: January 2024 – iSeeCars survey
Rank Fashion model Price vs. MSRP Average price Average suggested retail price
1 MINI hardtop 25.5% $37,473 $29,858
2 Porsche Taycan (sedan) 23.1% $137,729 $111,893
3 Porsche Cayenne 21.9% $105,574 $86,593
4 Porsche Macan 21.3% $80,421 $66,310
5 Porsche Taycan (wagon) 20.9% $146,594 $121,248
6 Cadillac CT5-V 20.0% $67,254 $56,043
7 Porsche 718 Boxster 19.9% $99,848 $83,301
8 Toyota Corolla Cross-Hybrid 19.4% $33,719 $28,248
9 BMW X3 M 19.4% $90,057 $75,448
10 Cadillac CT4-V 19.3% $66,633 $55,873
11 Porsche 718 Cayman 18.9% $105,910 $89,092
12 Genesis GV70 18.8% $58,646 $49,351
13 MINI Countryman 18.7% $40,757 $34,337
14 MINI Clubman 18.7% $43,238 $36,435
15 Lexus LS500 18.6% $94,962 $80,072
16 Mercedes-Benz GLE 18.6% $82,399 $69,500
17 Ford Maverick 18.2% $33,098 $27,996
18 MINI Hardtop 2 Doors (electric) 17.8% $36,434 $30,918
19 Genesis GV80 17.4% $70,080 $59,677
20 Audi RS6 Avant 17.4% $147,482 $125,609
Overall average 7.2% $45,880 $42,789

“It is interesting to see one MINI and two Porsche EVs in the top 20, with EVs making up a majority in the top 10 of the lowest priced list,” Brauer said. “It is clear that MINI and Porsche are modulating their EV production to better match demand. There is also a lot of demand for hybrids such as the Toyota Corolla Cross and Ford Maverick, but there is apparently a shortage of supply.”

Electric vehicles, large trucks and SUVs are included in the MSRP

Electric vehicles and large trucks and SUVs make up the majority of vehicles listed at MSRP or less. The loss of the federal tax incentive for Hyundai and Kia electric cars in the past year is undoubtedly forcing dealers to price these models more competitively. Large trucks and SUVs that require redesigns are also not seeing the demand they enjoyed during COVID.

Top 20 new cars priced below (or close to) MSRP: January 2024 – iSeeCars survey
Rank Fashion model Price vs. MSRP Avg. price Avg. suggested retail price
1 Hyundai Kona Electric -4.6% $36,211 $37,964
2 Volkswagen ID.4 -3.6% $48,740 $50,547
3 Ford F-150 (hybrid) -3.3% $82,132 $84,910
4 Kia EV6 -2.5% $52,004 $53,315
5 Hyundai Ioniq6 -2.4% $47,691 $48,861
6 Nissan Maxima -2.2% $42,234 $43,163
7 Chrysler Pacifica plug-in hybrid -2.0% $53,263 $54,329
8 Nissan Ariya -1.9% $50,751 $51,734
9 Hyundai Ioniq 5 -1.9% $50,477 $51,455
10 Volkswagen Arteon -1.8% $47,852 $48,734
11 Buick Envision -1.2% $40,386 $40,876
12 Infiniti QX80 -1.0% $83,876 $84,734
13 Ram 1500 Classic -0.6% $41,693 $41,966
14 Jeep Renegade -0.5% $29,537 $29,679
15 Nissan Armada -0.3% $63,300 $63,470
16 Maserati Levante 0.1% $102,899 $102,818
17 Maserati GranTurismo 0.1% $185,777 $185,529
18 Jeep Grand Wagoneer 0.3% $102,743 $102,391
19 Chevrolet Silverado 1500 0.4% $52,210 $52,008
20 GMC Sierra 1500 0.4% $63,006 $62,725
Overall average 7.2% $45,880 $42,789

“While finding a discount on a new vehicle remains a challenge, it is much easier for buyers of electric cars, full-size trucks and SUVs,” Brauer said. “The market appears to have reached a saturation point for electric vehicles, with both prices and sales struggling compared to a year ago. The high cost of large trucks and SUVs, along with the cost of fueling them in the face of inflation and reduced consumer purchasing power, has dampened demand for these notoriously expensive vehicles.”

More from iSeeCars.com:

Methodology

iSeeCars analyzed more than 16 million new car sales from June 2022 to June 2023. The average list prices of new cars, as well as the average of their suggested retail prices, were collected by month, as well as by body style, fuel type and model. Heavy commercial vehicles and low volume models were excluded from further analysis. The differences between the average prices and the average recommended retail price were expressed as percentage differences.

About iSeeCars.com

iSeeCars.com is a data-driven car search and research company that helps customers find the best car deals by providing key insights and valuable resources, including the iSeeCars VIN Check report and best car rankings. iSeeCars has saved users more than $410 million to date by applying big data analytics powered by more than 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score millions of new cars and used cars and arrange.

This article, 20 cars with the highest price above the recommended retail price and 15 with the highest price below the recommended retail priceoriginally appeared on iSeeCars.com.

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