Affordability - The Average New Car Price Is Now $49K, Subaru Drops To $35,406
How affordable are new Subaru vehicles? An updated Kelley Blue Book (KBB) and Cox Automotive report says Subaru's Average Transaction Price (ATP) is decreasing. For example, a recent report from KBB says Subaru of America's ATP is now $35,406 for its all-wheel-drive lineup in February. In January, Subaru's ATP was $35,992, down 1.6 percent.
How does Subaru's ATP compare with its competitors?
Subaru's new model pricing has been dropping this year, and all vehicle pricing went up in 2022. With the price decrease, Subaru's all-wheel-drive lineup is among the four most affordable car brands.
photo credit: Schumacher Subaru
Among all mainstream automakers (non-luxury) car brands, the average transaction price in February was $44,697, a decline of $681 compared to January. Mitsubishi had the lowest ATP at $31,328, Mazda was next at $33,391, Kia ($34,970), and Subaru was fourth lowest at $35,406 in February.
Subaru's one-year price percentage of change was up 2.4 percent. That's considerably lower than the year-over-year industry average increase of 5.3 percent.
photo credit: Schumacher Subaru
Subaru has several 2024 models coming this year, with the price already announced. So how much are they going up?
2024 Subaru model pricing
For the 2024 model year, the Outback will be available in nine trim levels. The Base is priced at $30,190, Premium ($32,490), Onyx Edition ($37,400), Limited ($37,090), Touring ($41,640), Onyx Edition XT ($40,655), Wilderness ($41,255), Limited XT ($41,490), and Touring XT ($44,090). In addition, destination and delivery fees are included in the price above ($1,295).
How much did the 2024 Outback increase in price?
All Outback trim level's prices increased by $570 except for the Onyx Edition, which had a $2,680 jump. The Wilderness increased by $1,585, and the Onyx Edition XT price raised $835. Dealer fees increased by $70 per vehicle.
Subaru's new 2023 model pricing went up, and even with the price increases, Subaru's all-wheel-drive lineup has the third lowest average transaction price among mainstream car brands.
For 2024, the Crosstrek will be available in Base, Premium, Sport, and Limited trim levels and has a starting price of $26,290 (the same MSRP as the 2023 Base model equipped with the Lineartronic CVT automatic transmission).
The 2024 Crosstrek Premium has a starting price of $27,440, Sport ($30,290), and Limited ($32,190). Pricing includes destination and delivery fees ($1,225). The Premium trim price increased by +$70, the Sport +$1,070, and Limited +$1,470.
The 2024 Subaru Impreza Base hatchback starts at $24,085, the Sport hatch starts at $26,085, and the all-new RS hatch with the 2.5-liter Boxer engine has a starting price of $28,975. Pricing includes destination and delivery fees ($1,090).
How much did Impreza prices increase?
The 2024 Base hatchback price increased by $1,470. The Sport trim level price dropped $30, and the RS is all new for 2024, so there's no previous generation model for comparison. Dealer fees increased by $70. Remember that even though the Sport trim price dropped, most customers will purchase the Sport trim with the option package listed below.
This year, Subaru vehicles have dropped in price compared with 2022 and remain among the top four most affordable new car brands.
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Denis Flierl has invested over 30 years in the automotive industry in a consulting role working with every major car brand. He is an accredited member of the Rocky Mountain Automotive Press. Check out Subaru Report, where he covers all of the Japanese automaker's models. More stories can be found on the Torque News Subaru page. Follow Denis on Facebook, Twitter, and Instagram.
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Photo credit: Schumacher Subaru