Hyundai Prices Have Increased 46% In 5 Years

Key Takeaways

    • Hyundai prices have increased 46% since 2018.

    • Over the same period, Hyundai’s US sales have risen 20%.

    • US market share peaked at 5.4% in 2022, but fell slightly last year.

What vehicle are you interested in?

Last updated Feb 19, 2024

Hyundai prices have risen 46% since 2018, amounting to price tags that are $11,591 higher on average. Both Hyundai and sister brand Kia have raised prices more than most car brands in America (Jeep being an exception). Hyundai’s recent price hikes exceed historical norms for car price inflation by a long shot. Overall, new car prices in America have risen 28% over the same period. 

In 2024, the average selling price of a new Hyundai is $35,445, more than $10,000 higher than where average prices stood one decade ago. Could Hyundai’s price hikes be to blame for the brand’s plateau in US market share?

Similar to Toyota and Kia, could Hyundai’s pricing be too high, putting the brand in competition with premium car brands? Which Hyundai prices have risen the most? We’ll answer these questions and more. Plus, we’ll take a closer look at Hyundai’s five best-selling models. 

Hyundai’s Sales Climb 20% As Prices Rise Dramatically

Is it the power of the product, or simply more car buyers accepting the reality that car prices just aren’t what they used to be? 

Hyundai’s US sales have been climbing for most of the past five years. The pandemic did hit Asian automakers particularly hard, leading to a serious slump in production. However, production is back up and running, and Hyundai sales are rebounding, with a large jump in 2023. 

Hyundai reported US sales climbing from 667,634 in 2018 to 801,195 cars sold in 2023. Hyundai has been gaining market share for most of the past decade. Here’s a look at sales trends in recent years:

Hyundai US sales, 2018-2023

And here’s Hyundai’s US market share. Note the slight dip in 2023 as Toyota, Honda, Mazda, and sister OEM Kia all battle for the same portion of the new car market.

Hyundai US market share 2024

Over the same period, Hyundai’s average transaction price rose from $24,993 in 2018 to $36,584 in 2023, a price increase of 46 percent.

This is one of the biggest price increases in the industry. Hyundai says it’s aiming for more premium buyers, but are shoppers willing to pay nearly 50% more for the Hyundai brand? It looks likely considering Hyundai’s continued growth in America.

Next, we’ll take a look at Hyundai’s average selling prices over time. We’ve also included the overall market trends for comparison’s sake.

Hyundai average prices 2024

Now, let’s look at how Hyundai’s five best-selling models in America have fared when it comes to sales and price trends. 

Hyundai Tucson

Hyundai Tucson price trends 2024

Last year, Hyundai sold 209,624 Tucson’s in America. That’s up 20% from 2022. However, Tucson prices have risen 15% in the past five years. Here’s a look at Hyundai Tucson price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.

In 2024, CarEdge Data shows that the average transaction price for a new Hyundai Tucson is $34,788. 

Hyundai Tucson price increases, 2024

Browse Hyundai Tucson listings with the power of local market data.

Hyundai Elantra

Hyundai Elantra prices 2024

Last year, Hyundai sold 134,149 Elantra’s in America. That’s up 14% from 2022. However, Elantra prices have risen 17% in just five years. Here’s a look at Elantra price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.

In 2024, CarEdge Data shows that the average transaction price for a new Hyundai Elantra is $25,971. Consider this: in 2019, not a single Elantra trim started over $25,000. 

Hyundai price increases 2024

Browse Hyundai Elantra listings with the power of local market data.

Hyundai Santa Fe

new Hyundai Santa Fe pricing

Last year, Hyundai sold 131,574 Santa Fe’s in America. US Santa Fe sales were up 10% year-over-year in 2023. However, Santa Fe prices have risen 30% in just five years. Here’s a look at Santa Fe price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.

In 2024, CarEdge Data shows that the average transaction price for a new Hyundai Santa Fe is $37,830. 

2024 Hyundai Santa Fe price increase

Browse Hyundai Santa Fe listings with the power of local market data.

Hyundai Palisade

2024 Hyundai Palisade pricing

Last year, Hyundai sold 89,509 Palisades in America. Palisade sales were up 8% year-over-year in 2023. Palisade prices have risen more slowly than most other models, with prices rising 16% in five years. Here’s a look at Palisade price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.

In 2024, CarEdge Data shows that the average transaction price for a new Hyundai Palisade is $50,367. 

Hyundai Palisade price increase 2024

Browse Hyundai Palisade listings with the power of local market data.

Hyundai Kona

2024 Hyundai Kona pricing

Last year, Hyundai sold 79,116 Kona’s in America. Kona sales were up 24% year-over-year in 2023. Kona prices have risen 16% in just five years, but it remains one of the most affordable crossovers on sale. Here’s a look at Hyundai Kona price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.

In 2024, CarEdge Data shows that the average transaction price for a new Hyundai Kona is $29,530. 

Hyundai Kona price increase 2024

Browse Hyundai Kona listings with the power of local market data.

Be sure to check back for the latest Hyundai price data next month. In 2024, it’s a buyer’s market for the first time since the pandemic.

Looking to Save Thousands On Your Hyundai Purchase? We Can Help.

Who is CarEdge? Simply put, we’re a team of real people saving drivers serious money. How do we do it? We offer car buying help for every price point. From 100% free resources to an all-inclusive car buying concierge, and everything in between, CarEdge is taking the pain out of car buying. 

How about some free car buying help…

Car buying cheat sheet

Ready to outsmart the dealerships? Download your 100% free car buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

OUR NEWSLETTER

The latest insights.
Right in your inbox.

Get the latest car trends and money-saving strategies, once a week.

OUR NEWSLETTER

The latest insights.
Right in your inbox.

Get the latest car trends and money-saving strategies, once a week.

Streamline your car buying experience with a concierge

We take care of the entire buying process with the dealership, ensuring you get the vehicle you want at a fair price.

Share This