DENVER (KDVR) — In the Denver metro, mountain chic Jeep Wranglers sell for over $11,000 more than their suggested retail prices.
Used vehicles were among the consumer items hardest hit by inflation. Those who can afford new vehicles are paying a premium, as well. Buyers across the nation are still willing to pay far above MSRP for a new vehicle, according to a new study.
iSeeCars, an automotive search engine and research website, analyzed national auto sales to find how much consumers are paying above MSRP for new vehicles. The markup is less than it was last year, but buyers still paid 8.8% above MSRP in February 2023.
Nationally, certain vehicles command the biggest markups. Broadly, consumers are willing to pay far above the asking price for two kinds of cars – luxury cruisers and Jeep Wranglers.
A new Genesis GV70 has the nation’s highest markup, with buyers paying an average of 27.5% over MSRP. Mercedes-Benz, Porsche, Cadillac and Lexus each have new vehicles that rank in the top 10 largest markups.
New Jeep Wranglers are the only non-luxury vehicles on the list. A new stock Jeep Wrangler has the nation’s second-highest markup with buyers paying 23.9% above MSRP. A Jeep Wrangler Unlimited has the nation’s fifth-highest markup with buyers paying 21.9% above MSRP.
Purchase information says buyers in certain areas are willing to pay up to a third more for a new Jeep.
Jeep Wranglers sell for the highest amount over MSRP in a handful of metro areas including Denver, Albuquerque, Charlotte, Grand Rapids, Milwaukee, the Twin Cities, Nashville, West Palm Beach and Hartford. In the Denver area, new Jeep Wranglers sell for an average of 29.9% over MSRP – just over $11,000.
Trucks, however, are selling without markups.
A new Chevrolet Silverado 1500, by contrast, is the vehicle selling for the closest to its MSPR with buyers paying 1.9% less. New GMC Sierra 1500s and hybrid Ford F-150s are the fifth and seventh closest to MSRP.