Last month, an average transaction price for Ford’s SUVs reached a record $42,000 for the very first time.
The semiconductor chip shortage and other COVID-19 related issues have affected the pace of automotive production. As a result, prices for new vehicles have been rising over the last few months. The average transaction prices continue setting new records from month to month.
In the case of Ford, transaction prices for SUVs rose by $8,400 on average in July ($6,200 more than last July) and crossed the mark of $42,000. This figure is even more – $50,000 if we take into account pickup truck sales.
A number of new members – not cheap ones, compared to others, already joined and will soon join the Blue Oval’s current range of trucks and SUVs. The newcomers, more precisely their price tags, pull prices upward and boost the average transaction value.
This is about the revived Ford Bronco family, Mustang Mach-E, F-150 Lightning, higher-trimTimberline and King Ranch Explorers, and the upcoming 2022 Explorer ST, Expedition, next-gen Lincoln Navigator.
They help improve monthly average transaction prices and, moreover, boost Ford revenue.