(iSeeCars) –Macroeconomic factors, including inflation, interest rates and employment concerns, have had little impact on new car demand, with the average new vehicle priced between 8.4 and 8.7 percent above MSRP for the last five months.

After analyzing over 13 million new cars, the latest iSeeCars.com study found manufacturer pricing for new cars has increased 7.4 percent in the past year, from an average MSRP of $39,712 in June 2022 to $42,645 in June 2023. Beyond this, the average dealer listing price – now $46,265, or $4,000 above MSRP – increased an additional 8.5 percent.

Monthly Average Price vs. Average MSRP of New Cars – iSeeCars Study
YearAvg MSRPAvg Price% Above MSRP
Jun 2022$39,712$43,71710.1%
Jul 2022$40,239$44,34710.2%
Aug 2022$40,352$44,37510.0%
Sep 2022$40,077$44,0209.8%
Oct 2022$40,448$44,3469.6%
Nov 2022$40,434$44,2639.5%
Dec 2022$41,608$45,4289.2%
Jan 2023$41,771$45,4668.8%
Feb 2023$41,637$45,2768.7%
Mar 2023$42,143$45,7068.5%
Apr 2023$42,458$46,0418.4%
May 2023$42,191$45,7428.4%
Jun 2023$42,645$46,2658.5%

“New car prices are holding up surprisingly well given the overriding economic factors impacting consumers today,” said iSeeCars Executive Analyst Karl Brauer. “We’re seeing some slight moderation, but the average new car asking price is still more than 8 percent above MSRP, confirming strong ongoing demand for new vehicles.”

Top 20 New Cars Priced Below or Near MSRP

In February this year there were three new models priced below MSRP: the Chevrolet Silverado, Volkswagen Arteon, and Cadillac Lyriq. In June there were six, with the Chrysler Pacifica Hybrid, Infiniti QX80, Ford F-150 Hybrid, Hyundai Ioniq 5, and Hyundai Ioniq 6 joining the Silverado.

“It’s telling that four of the six vehicles priced below MSRP are hybrids or electrics,” said Brauer. “We know the Inflation Reduction Act removed the $7,500 credit for the Ioniq 5 and Ioniq 6 because they aren’t built in the US. This dramatically impacted their sales and, apparently, forced dealers to price them aggressively. And relatively stable gas prices over the past several months has reduced interest and demand for hybrids like the Pacifica and F-150. We’ve seen similar pricing shifts on the used side, with our last used car pricing study showing electric vehicles dropping by 30 percent in value.”

New Cars Priced the Lowest Below/Closest to MSRP, June 2023 – iSeeCars Study
RankModelAvg MSRPAvg Price% Compared to MSRP
1Chrysler Pacifica Hybrid$50,620$49,661-1.9%
2Infiniti QX80$82,333$81,292-1.3%
3Ford F-150$84,847$84,146-0.8%
4Hyundai Ioniq 5$51,551$51,289-0.5%
5Chevrolet Silverado 1500$52,050$51,835-0.4%
6Hyundai Ioniq 6$50,566$50,508-0.1%
7Volvo C40 Recharge$58,736$58,8200.1%
8Mazda CX-9$41,693$41,7860.2%
9Kia EV6$54,034$54,6481.1%
10Nissan Armada$63,325$64,0711.2%
11Buick Envision$39,948$40,4751.3%
12Volvo XC40 Recharge$58,154$58,9221.3%
13Nissan Maxima$43,007$43,7471.7%
14Jeep Grand Cherokee L$52,358$53,3181.8%
15Cadillac LYRIQ$62,304$63,4511.8%
16Jeep Grand Wagoneer$100,404$102,3041.9%
17Volkswagen ID.4$48,378$49,2941.9%
18Genesis G90$95,682$97,5862.0%
19Acura MDX$59,434$60,6262.0%
20Chevrolet Malibu$27,335$27,9342.2%
National Average$42,645$46,2658.5%

Top 20 New Cars Priced Above MSRP

The 20 models priced highest above MSRP are primarily luxury or lifestyle models, with the Jeep Wrangler holding its near-perpetual status of high demand, with market pricing to match. Models like the Genesis GV70, Cadillac CT4-V and Porsche Taycan are all premium vehicles with relatively limited production. Some high value mainstream models, including the Ford Maverick and Toyota Corolla Cross, also ranked on the list.

“It’s clear demand is still outstripping supply for premium and performance models,” said Brauer. “Buyers looking to get their dream vehicle, whether it’s a Jeep Wrangler, Cadillac CT4-V, or Porsche 718 Cayman, have money to spend and are willing to spend it.”

New Cars Priced the Highest Above MSRP, June 2023 – iSeeCars Study
RankModelAvg MSRPAvg Price% Above MSRP
1Jeep Wrangler Unlimited$41,966$54,97031.0%
2MINI Hardtop 2 Door/4 Door$29,632$37,23725.7%
3Genesis GV70$45,568$56,97425.0%
4Cadillac CT4-V$58,716$72,62223.7%
5Porsche Taycan$101,970$124,57722.2%
6Toyota Corolla Cross Hybrid$27,996$33,95121.3%
7Mercedes-Benz GLB$42,032$50,94721.2%
8Mercedes-Benz E-Class (Wagon)$87,619$106,08121.1%
9Porsche Macan$63,041$76,19720.9%
10Lexus RX 350h$51,243$61,36419.7%
11Ford Maverick$25,892$30,99819.7%
12Cadillac CT5$41,676$49,74319.4%
13Genesis GV80$58,187$69,18918.9%
14Mercedes-Benz GLA$39,926$47,39218.7%
15MINI Countryman$34,710$41,13618.5%
16Porsche 718 Cayman$92,921$110,04218.4%
17BMW M5$109,900$129,85218.2%
18MINI Clubman$36,471$43,08218.1%
19MINI Hardtop 2 Door (EV)$31,206$36,78917.9%
20BMW X1$39,096$46,05617.8%
National Average$42,645$46,2658.5%

The Highest and Lowest Priced New Cars in the Top 50 US Cities

The vehicles priced the highest above and lowest below (or in one case closest to) MSRP in the 50 largest metro areas are listed in the table below. The Ford Maverick is the vehicle most commonly priced above MSRP, appearing in 17 cities. The Infiniti QX80 is the vehicle most commonly priced below MSRP in nine metro areas. Both models are priced similarly at the national level.

“New car demand remains strong, with market pricing remaining above 8 percent and no expectation it will drop in the near term,” said Brauer. “New car shoppers willing to research their next purchase may find a deal on some models, but don’t expect fire sale prices, even with today’s macroeconomic pressures.”

New Vehicles Priced the Highest Over MSRP and Lowest Below/Closest to MSRP by City – iSeeCars Study
Metro AreaTop Vehicle Priced Above MSRP% Above MSRP$ Above MSRPTop Vehicle Priced Below/Closest to MSRP% Compared to MSRP$ Compared to MSRP
Tampa-St Petersburg (Sarasota), FLCadillac CT4-V35.9%$21,508Nissan Armada-4.4%-$2,799
Louisville, KYKia Rio34.6%$5,992Infiniti QX80-4.9%-$4,153
Washington, DC (Hagerstown, MD)Ford Maverick34.5%$9,379Infiniti QX80-9.8%-$8,398
Phoenix, AZPorsche Macan33.5%$20,599Buick Encore-6.1%-$1,500
Boston, MA-Manchester, NHPorsche Taycan33.5%$30,717Hyundai Ioniq 6-2.2%-$1,190
Baltimore, MDFord Maverick32.7%$8,214Infiniti QX80-6.5%-$5,642
Atlanta, GAMercedes-Benz G-Class32.6%$52,818Hyundai Ioniq 5-3.6%-$1,823
Dallas-Ft. Worth, TXCadillac CT4-V31.6%$18,854Nissan Armada-5.7%-$3,486
Pittsburgh, PAGenesis GV7031.5%$13,793Chrysler Pacifica Hybrid-5.8%-$2,958
San Francisco-Oakland-San Jose, CAToyota Corolla Cross Hybrid31.4%$8,796Alfa Romeo Stelvio-3.0%-$1,817
San Diego, CAToyota Corolla Cross Hybrid30.5%$8,526Volkswagen Arteon-4.8%-$2,278
Cincinnati, OHFord Maverick30.5%$8,057Infiniti QX80-4.8%-$4,067
Las Vegas, NVGenesis GV7029.7%$13,571Kia EV6-4.7%-$2,488
Sacramento-Stockton-Modesto, CAFord Maverick29.6%$7,704Dodge Durango0.2%$92
Fresno-Visalia, CAFord Maverick29.5%$7,235Hyundai Ioniq 6-0.5%-$252
Chicago, ILMINI Hardtop 2 Door29.4%$8,397Infiniti QX80-4.7%-$3,854
San Antonio, TXCadillac CT4-V29.0%$17,293Nissan Armada-6.1%-$3,705
Houston, TXPorsche Taycan28.9%$28,798Infiniti QX80-4.5%-$3,587
Jacksonville, FLMINI Hardtop 2 Door28.6%$8,137Infiniti QX80-6.8%-$5,438
Denver, COMercedes-Benz G-Class28.5%$44,011Volkswagen ID.4-5.0%-$2,482
Albuquerque-Santa Fe, NMFord Maverick28.4%$7,675Ford Bronco-2.0%-$1,208
Portland, ORFord Maverick28.3%$7,799Volvo C40 Recharge-5.1%-$2,974
Indianapolis, INMINI Hardtop 2 Door28.3%$8,600Jeep Grand Cherokee L-1.4%-$770
Detroit, MILexus RX 350h28.3%$13,984Chevrolet Silverado 1500-5.2%-$2,753
Hartford & New Haven, CTGenesis GV7027.9%$12,046Kia EV6-1.5%-$867
Los Angeles, CAGenesis GV7027.8%$12,527Alfa Romeo Stelvio-1.9%-$1,125
Seattle-Tacoma, WAFord Maverick27.6%$7,661Volvo C40 Recharge-5.4%-$3,123
Philadelphia, PAMINI Hardtop 2 Door27.6%$7,910Ford F-150 (hybrid)-3.3%-$2,805
Milwaukee, WIGenesis GV7027.6%$12,102Jeep Grand Cherokee-1.1%-$755
West Palm Beach-Ft. Pierce, FLMINI Hardtop 4 Door27.5%$8,255Buick Envision-4.0%-$1,704
Charlotte, NCMINI Hardtop 2 Door27.4%$8,010Hyundai Ioniq 5-2.7%-$1,369
Orlando-Daytona Beach, FLPorsche Taycan27.4%$26,338Kia EV6-3.2%-$1,626
Minneapolis-St. Paul, MNGenesis GV7027.4%$11,825Volvo C40 Recharge-2.9%-$1,713
Oklahoma City, OKFord Maverick27.3%$7,164Jeep Renegade-3.5%-$1,055
Austin, TXPorsche Macan27.1%$16,512Mazda CX-9-2.4%-$1,034
Raleigh-Durham (Fayetteville), NCPorsche Macan26.8%$16,418Kia EV6-4.5%-$2,373
Salt Lake City, UTMINI Hardtop 2 Door26.3%$7,854Hyundai Ioniq 6-3.9%-$2,028
Columbus, OHFord Maverick26.2%$6,306Infiniti QX80-2.9%-$2,436
Greenville-Spartanburg, SCMINI Hardtop 2 Door26.1%$7,638GMC Sierra 1500-6.6%-$4,528
Birmingham, ALFord Mustang25.8%$9,396Infiniti QX80-3.5%-$2,698
New York, NYCadillac CT4-V25.2%$14,907Ford F-150 Lightning-1.9%-$1,228
Nashville, TNMINI Hardtop 4 Door25.2%$7,499Dodge Durango-2.6%-$1,335
St. Louis, MOGenesis GV7025.0%$10,770Volvo C40 Recharge-6.1%-$3,596
Miami-Ft. Lauderdale, FLPorsche Taycan24.7%$24,003Chevrolet Silverado 1500-7.7%-$3,787
Norfolk-Portsmouth-Newport News,VAFord Maverick24.1%$6,139Hyundai Ioniq 5-2.6%-$1,356
Cleveland-Akron (Canton), OHPorsche Macan23.8%$15,053Ford F-150 (hybrid)-2.6%-$2,181
Harrisburg-Lancaster-York, PAFord Maverick22.6%$6,147Hyundai Ioniq 5-0.5%-$267
Kansas City, MOMercedes-Benz GLC21.3%$10,657Hyundai Ioniq 5-3.1%-$1,532
Grand Rapids-Kalamazoo, MIMercedes-Benz GLE19.9%$12,753Nissan Armada-1.3%-$809
Greensboro-Winston Salem, NCKia Forte19.4%$4,034Chevrolet Silverado 1500-6.6%-$3,832

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iSeeCars analyzed over 13 million new cars from June 2022 to June 2023. The average list prices of new cars, as well as the average of their MSRPs, were aggregated by month, as well as by body style, fuel type, and model. Heavy-duty vehicles and low-volume models were excluded from further analysis. The differences between average prices and average MSRP were expressed as percentage differences.

About iSeeCars.com:

iSeeCars.com is a data-driven car search and research company that helps shoppers find the best car deals by providing key insights and valuable resources, including the iSeeCars VIN Check report and Best Cars Rankings. iSeeCars has saved users over $396 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.

This article, New Hybrids and EVs Fall Below MSRP, Despite Ongoing New-Car Demand, originally appeared on iSeeCars.com.