Cars have been more expensive than ever over the past year or two, with inventory shortages and in-demand models selling before they arrive on lots. Markups have become a fact of life, even for everyday vehicles like the Jeep Wrangler, leading many to overpay for their new ride. iSeeCars recently released its study of new car values and found that new-car MSRPs have climbed significantly, and dealers are making the problem worse by charging even more on top.
iSeeCars ranked the 10 vehicles with the largest difference between price and MSRP in February. The Genesis GV70 “won” with an average price that was 27.5% more than its $44,299 average MSRP. The Jeep Wrangler was second at 23.9% over MSRP, followed by the Mercedes-Benz GLB at 22.9%. The full list includes the following:
Though the price gap is slowly closing, iSeeCars noted that MSRPs climbed 7.6% between February 2022 and 2023. Dealers piled onto that with an average 6.5% increase of their own, driving the average new car price to $45,996 — 8.8% more than a year ago.
There’s some good news in iSeeCars’ study: Several new cars are selling at, or even slightly below, MSRP. The Chevy Silverado 1500 sold at an average of 1.9% below its MSRP, followed by the VW Arteon and Cadillac Lyriq EV at 0.4% below. The Infiniti QX80 sold for right at MSRP.
Hatchback and sedan pricing increased the most, likely driven by demand for smaller, fuel-efficient vehicles. Prices for minivans, wagons, SUVs, coupes, trucks, and convertibles fell. The study also found that where buyers live affects the prices they pay. Car shoppers in San Diego paid an average of 40% over MSRP for a new Ford Maverick, while buyers in Orlando-Daytona Beach, Fla., paid an average of 26.1% over.
