The automotive industry has always been subject to economic trends and shifting consumer preferences. However, the last five years have been a whirlwind of unprecedented change. Across the new car market, average transaction prices have increased by 24% from 2019 to 2024. But some automakers seem to have thrown caution to the wind, pushing their prices far higher. Here’s a look at car price inflation over the last five years.

Chrysler, Jeep, Dodge, and Ram Prices Have Risen 50% in 5 Years

Leading the pack in price hikes is the Stellantis group, which includes brands like Chrysler, Jeep, Dodge, and Ram. The average transaction price for Stellantis brands has increased by 50% from 2019 to 2024, which is more than double the overall economy’s inflation (23.0%) over the same period. 

As Jeep and Ram prices climbed, sales fell as Stellantis brands lost market share to more competitively priced rivals. Ram sales have declined 30% from 633,694 in 2019 to 444,926 in 2023. Jeep sales have also taken a dive over the same time period, declining 31% over five years.

Hyundai and Kia Prices Are Not Far Behind

Once synonymous with budget-friendly compact vehicles, Korean brands Hyundai and Kia have taken a different path over the past decade. Hyundai, Kia, and Genesis transaction prices have collectively risen 48% since 2019.

The notable difference between Stellantis brands and Hyundai Motor Group is in sales trends. While Stellantis has fallen sharply, Hyundai, Kia, and Genesis have steadily risen in both sales and market share.

Hyundai and Kia are progressively moving towards premium and larger vehicles like SUVs and electric cars. Their intentions to be seen as premium brands have been evident, with prices of popular budget models like the Hyundai Elantra rising by 22% in five years, and the cancellation of their most affordable model, the Kia Rio.

Subaru and Nissan Prices Increased the Least

Contrasting the trend, Subaru seems to have taken a different strategy. With a five-year transaction price increase of ‘only’ 18%, the automaker has managed to maintain an upward trajectory in terms of market share. This gain, paired with standard offerings like all-wheel drive, could be a testament to the importance of price competitiveness in the industry.

Nissan, on the other hand, has likely seen less price increases for a different reason. Nissan has been steadily losing U.S. market share for years. When demand falls, dealer markups and MSRPs soften. Since 2019, Nissan transaction prices have risen 18%. And now, one of the most popular and least expensive models, the Altima, has been discontinued after three decades.

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