Market Insight: Zooming in on pricing picture
BY PHILIP LORD | 9th Apr 2024
WHILE the new vehicle market is booming, price fluctuations in the last 12 months have not been consistent across brands. Some models have increased in price by more than 20 per cent in the past 12 months, while others have remained unchanged and some have reduced by as much as 10 per cent.
Using automotive price transparency data collated by Melbourne-based startup The Beep, GoAuto has tracked key automotive passenger car and light commercial brands to gauge where prices have moved over the past 12 months to April 7, 2024.
The Beep provides accurate pricing for 250 models from major brands at no cost to the new-car buyer. Pricing is adjusted for each state and territory and includes specific drive-away prices for the grade of car.â¯
GoAuto has used NSW prices, representing the largest individual state for new-vehicle volume. Prices movements should be viewed as comparative only, and even then, can be influenced by factors such as a new (typically premium) model that bumps up the average price for a brand.
The addition or deletion of specific model grades and drivetrains also has an influence, as seen recently by Toyota’s removal of non-hybrid drivetrains from its two smallest and most-affordable vehicles.
According to data from The Beep, Ford had a significant price increase average across its range of 25.17 per cent ($16,127) to $80,211, with the highest single price average increase between May and June last year from $64,370 to $73,567.
The introduction of an expensive new model, the F-150 pick-up, had a significant influence on this average price increase, but there have also been price rises for existing models.
For example, average prices of the Mustang sportscar line-up went up 20.79 per cent, or $14,803 across the range to $86,010 in November 2023, the Ranger ute rose 4.13 per cent, or $2858 to $72,046 and the Everest large SUV increased in price by 4.24 per cent, or $2986, to $73,381.
The Ford Mustang Mach-E, which arrived last year as Ford’s premium battery electric vehicle, is the only model in the Blue Oval portfolio to reduce in price, down 5.35 per cent, or $5489, to a range average of $95,465.
Aprice increase of 11.46 per cent measured across Toyota’s broad range of vehicles equates to $6274, bringing the brand average of $61,017.
While some Toyota models have seen minor increases, (such as less than one per cent for the Supra sportscar) others have seen a big jump. The deletion of base petrol models in the range has put the C-HR up by 37.58 per cent, or $14,829, with a current average of $54,290.
The now hybrid-only Yaris (except Yaris GR) is also affected by the loss of its price-leading base model, pushing the range average up 7.33 per cent, or $2422, to $35,446.
What is interesting about this model, according to The Beep data, is that in runout the MY23 Yaris increased from $28,376 drive-away on March 24 to $32,187 drive-away on March 31.
The Corolla Hatch (excluding Corolla GR) is also now hybrid only, and has seen a price increase of 6.38 per cent or $2366, to a model-average price of $39,452 drive-away.
As for the HiLux, the popular ute has seen an increase of 8.23 per cent (up $4649, to $61,114). Much of this can be explained by the introduction of the premium HiLux GR Sport in October last year, as even with the facelift model announced in March, individual variants such as the SR5 dual-cab are up just 1.24 per cent, or $810, to an average $66,260 drive-away price.
Hyundai has increased prices by 9.82 per cent ($5239) to a model line average of $58,893. Most models have seen a modest increase of less than one per cent, but the introduction of new-generation Kona in June last year saw the model’s average pricing increase 22.02 per cent, a $9352 change, now at a current average of $51,819.
The Hyundai i30 sedan has also seen an increase, up 8.14 per cent (a change of $3119, to the current range average of $41,450) and the Sonata is up 6.49 per cent (up $3686, currently $60,489).
Isuzu Ute’s range has risen just 0.13 per cent (up $83, to $62,115) in the last 12 months on the back of modest price increases to the MY24 MU-X offset by the addition of keenly priced 1.9-litre engine options.
MG has slashed prices on some models, so it has a range price average reduction of 4.19 per cent, or $1539, to an average of $35,228. The largest reduction was for the ZS EV, at 15.12 per cent, or a saving of $7719 on average, to $43,323. The HS petrol range dropped 14.64 per cent or $5700, to $33,940, while the ZST is down 9.84 per cent, a $3050 reduction , to $27,940.
Tesla prices fluctuate more than any other brand, similar to tracking stocks in a volatile market. The average price across the brand overall has witnessed a fluctuation of $7017, resulting in an 8.41 per cent brand-average reduction in the last 12 months.
Average Tesla prices in Australia peaked between May and July 2023 at $83,864 but reached a low between September and October 2023 of $78,332, before jumping at the end of December 2023 to $79,843.
Just in the last week (from March 29 to April 7) Tesla has dropped again to $76,382, driven by a significant Model Y price drop. The Model Y range has gone from $84,874 to $79,042 between 29 March and 7 April.
The Model 3 range average price, with the arrival of a facelift model, has seen a 5.91 per cent ($5971) price fluctuation in the last 12 months, but has been stable at $72,392 since January 7 this year.