Despite the fact it’s one of the most divisive – if not the most divisive – vehicles on sale today, the Tesla Cybertruck was apparently June’s best-selling vehicle that costs over $100,000. It’s a pretty impressive feat for a truck that a lot of people absolutely hate.
A recent sales report from Cox Automotive showed that Kelley Blue Book estimates that over 3,200 Cybertrucks were sold in June alone with an average transaction price of $112,696. No other $100,000+ vehicle really even comes close. It should be noted that the 3,200 sold number is just an estimate since Tesla doesn’t break out its sales by model.
However, because of the Cybertruck, the average transaction price of new Tesla models actually jumped pretty significantly from $56,809 in May to $58,399 in June. That’s a 2.8 percent month-over-month increase and a 5.7 percent year-over-year increase. In fact, the ATP for new Teslas increased more over the past year than any other brand. Other leaders were Chrysler at 5.5 percent, Toyota and Porsche at 5 percent and Lexus at 4 percent.
The second quarter in general was really solid for EVs. Cox says about 330,000 electric vehicles were sold in Q2 in the U.S. That’s an all-time quarterly record. In June alone, the average transaction price for an EV was $56,371. That’s a 0.9 percent increase over May, BUT it does represent a 2.5 percent decrease from the year before, so overall we are moving in the right direction.
In total, the average transaction price for a new vehicle in June was $48,644. Like EVs, that’s slightly higher than in May, but it’s still lower than it was back in June of 2023. It’s the ninth consecutive month that ATPs have fallen versus the previous year.
Here’s more on pricing, from Cox Automotive:
While the average transaction price for a new vehicle in the U.S. hovers near $49,000, affordability matters. In June, 40% of vehicles transacted for below $40,000, and 26% transacted or between $30-and-$40,000. According to Kelley Blue Book estimates, among the top ten best-selling vehicles in June, half carried ATPs below $40,000 – the Toyota RAV4, Honda CR-V, Toyota Camry, Honda Civic and Chevrolet Trax.
“Anytime you speak in averages, there will be factors that can skew the big picture,” added Keating. “We know that nearly half of the market sells for well below average, so the elevated ATP doesn’t mean there are no affordable vehicles for customers. At the same time, it is often the monthly payment that really matters, so we can’t ignore the impact interest rates are having on people’s ability to pay.”
It looks like we’re at least somewhat pointed in the right direction when it comes to vehicle affordability. Still, though, it’s sort of shocking to me that the Cybertruck is the best-selling vehicle north of $100,000. We’ll see how long that trend can hold up, especially as more and more issues with the truck come to light.
