More luxury cars are carrying a hefty sticker price
of ConsumerAffairsThe February Consumer Price Index shows that new car prices went down by 0.3% from January. While there may be a number of affordable vehicles in new car showrooms, there is a growing number of really expensive ones.
According to Cox Automotive, there is a huge increase in vehicles that sell for $100,000 or more. Through the end of February, Cox found more than 52,000 new vehicles transacted at prices above $100,000, up from 46,000 in the first two months of 2024. Five years ago, in January and February of 2020, just over 12,000 six-figure vehicles were sold.
Land Rovers Range Rover was king of the hundred-grand jungle last month with sales in excess of 3,800 units, the company said in a report.
If you are curious about what the monthly payment on a $100,000 car would be, ConsumerAffairs has done the math. Considering a $20,000 down payment and super-low industry financing of 1.9%, the monthly payment over 72 months would be $1,176.53.
While a Tesla can cost $100,000, it has many lower-priced models as well. Cox Automotive reports Tesla has not exceeded its high-water sales mark of 60,000 vehicle sales since February 2023. Cox Automotive Editor Sean Tucker notes that barring a major strategy change, Tesla sales might not ever reach that benchmark again.
Used Teslas are getting cheaper
Meanwhile, the price of a used Tesla isnt nearly what it once was. A new report by iSeeCars found prices of all used electric vehicles are falling, with Tesla in the lead.
The analysis of sales data shows that used EV prices have fallen between 15% and 20% each month over the last six months. This puts the average one- to five-year-old used EV price at $32,198, or $917 above the price of the average gasoline vehicle at $31,281.
If you are thinking of buying an EV, or any other kind of car, iSeeCars Executive Analyst Karl Braur said now might be a good time.
The average price of one- to five-year-old used cars has shifted less than $1,000 over the past year, Brauer said in a press release accompanying the study. Theres no indication prices will drop from their current levels throughout 2025 and, with tariffs looming, the price of both new and used cars could potentially rise.
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Posted: 2025-03-12 16:27:15
