The 2023 Genesis GV70 SUV is selling at an average 27.5% over list price according to a new report.
The new-vehicle business looks like it could finally begin settling down as supply chain issues and other pandemic-related gremlins begin to work themselves out. According to Kelley Blue Book, transaction prices for showroom-fresh models declined by 1.4% from January to February, though they’re still up by 5.3% over the same period in 2022 and remain, on average, going for about $100 above their sticker prices.
And some of the cars and SUVs that remain in the highest demand and with the slimmest dealer supplies are still selling for way more than that, with 10 models going for an average in excess of 20% above their manufacturers’ retail prices. That’s according to a study of over 12 million new car sales conducted from February 2022 through February 2023 by the car search and research site iSeeCars.com.
The list primarily consists of upscale rides, and is led by the Genesis GV70 SUV, which is selling at an average 27.5% over list price. “All but two of these high-priced models are luxury vehicles, reflecting the ongoing confidence and willingness of luxury buyers to spend whatever it takes to get the vehicle they want,” explains Karl Brauer, executive analyst at iSeeCars.
Of note, the Porsche Taycan luxury/sports SUV gets the highest average markup, dollar-wise, at $22,771 above retail.
Here are the 10 models most likely to be sold for the biggest markups exceeding their stated sticker prices:
- 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%)
At the other end of the ledger, iSeeCars.com also identifies 10 new models that are selling for close to, or below, their sticker prices. That list is headed up by the otherwise popular full-size Chevrolet Silverado 1500 pickup truck. “Chevrolet recently halted production of the Silverado, suggesting supply for this full-size truck is in the unique post-pandemic status of outstripping demand,” Brauer says.
Perhaps curiously, this list also includes the just-released Cadillac Lyriq full-electric model. “The Lyriq is a brand new electric SUV, so it’s surprising to see it priced right at MSRP,” Brauer says. “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.”
These are the new-vehicles most likely to be sold for close to or even a bit below their average retail prices:
- 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 (+8.8%)
You can read iSeeCars.com’s full report with additional information here.
