For those of you shopping for a new vehicle, this will no doubt be welcome news. New car pricing continues to fall relative to MSRP, according to a new study from iSeeCars. Researchers say while new cars are priced 7.2 percent above MSRP, prices are falling and the gap is closing. iSeeCars says the average new car is priced at 7.2 percent above MSRP today ($45,880) - compared to 8.9 percent above MSRP ($45,597) percent a year ago. The data follows an iSeeCars analysis of the pricing of over 16 million new car sales between January 2023 and January 2024.
Researchers also say the gap between dealer pricing and MSRP is slowly narrowing. iSeeCars data shows that new car MSRP has increased by $904 in the past year, but average dealer pricing increased by less than $300, thus the closing gap. EVs average the smallest premium at 6.1 percent over MSRP.
Highest Above MSRP
So which new vehicles are priced the highest over MSRP? Premium and performance cars. The MINI Hardtop and four Porsche Models - the Taycan sedan, Cayenne, Macan, Taycan wagon - are the top five cars priced highest above MSRP, all priced more than 20% above MSRP.
| Top 20 New Cars Priced Highest Above MSRP: January 2024 – iSeeCars Study | ||||
| Rank | Model | Price vs. MSRP | Average Price | Average MSRP |
| 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 |
Lowest Above MSRP
Electrified vehicles are priced the lowest below MSRP. 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 priced the farthest below MSRP.
| Top 20 New Cars Priced Below (or Close To) MSRP: January 2024 – iSeeCars Study | ||||
| Rank | Model | Price vs. MSRP | Avg Price | Avg MSRP |
| 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 IONIQ 6 | -2.4% | $47,691 | $48,861 |
Segment Pricing
Weakening demand for EVs is confirmed when looking at pricing by vehicle type. Among major segments, sedans and trucks have the strongest pricing, at 8.0 percent and 7.5 percent above MSRP, respectively. EVs are the weakest, at 6.5 percent above MSRP.
Brand Pricing
When it comes to brands, new Porsche models are selling for the most over MSRP.
| Average New Car Price vs. MSRP by Brand: January 2024 – iSeeCars Study | ||||
| Rank | Make | Price vs. MSRP | Avg Price | Avg MSRP |
| 1 | Porsche | 19.9% | $107,211 | $89,396 |
| 2 | MINI | 17.4% | $40,143 | $34,189 |
| 3 | Genesis | 13.0% | $62,485 | $55,275 |
| 4 | Land Rover | 12.9% | $86,924 | $77,019 |
| 5 | Lexus | 11.1% | $57,908 | $52,136 |
To see a very comprehensive breakdown of the segments, and the metro areas where vehicles are selling for the most and least in relation to the MSRP, click here →
Photo Credit: MINI/Hyundai.