US: Minivan incentives highest in June
Minivans had the highest average incentives in the US last month at $3US,900 per vehicle sold, followed by large trucks at $3,864.
Sport cars had the lowest average incentives at $1,038, followed by compact cars at $1,047.
"The flood of popular crossovers is taking its toll on the minivan segment - minivan incentives are at near record levels," said Edmunds' AutoObserver.com senior editor Michelle Krebs.
"It will be interesting to see how the minivan story plays out, with Ford and GM getting out of the market and Chrysler on the eve of introducing its new models."
Analysis of incentives expenditures as percentage of average sticker price for each segment shows minivans averaged the highest, 13.8%, followed by large cars at 13.2% of sticker price. Sport cars averaged the lowest, 3.6%, followed by luxury sports cars at 3.8% of sticker price.
Edmunds said the average automotive manufacturer incentive in the US was $2,483 per vehicle sold in June 2007, up $92, or 3.85%, from May 2007, and down $132, or 5.05%, from June 2006.
Combined incentives spending for domestic manufacturers averaged $3,200 per vehicle sold in June 2007, up from $3,139 in May 2007. From May to June, European automakers decreased incentives spending by $230 to $3,108; Japanese automakers increased incentives spending by $163 to $1,484; and Korean automakers increased incentives spending by $39 to $1,554.
In June, the industry's aggregate incentive spending is estimated to have totalled approximately $3.8bn, up from $3.7bn in May. Chrysler, Ford and General Motors spent an aggregate of $2.6bn, or 67.2% of the total; Japanese manufacturers spent $823 million, or 21.4%; European manufacturers spent $322 million, or 8.34%; and Korean manufacturers spent $119 million, or 3.1%.
"Of the 'Big Six' automakers, only Honda and Toyota have higher incentives than they did this time last year," said Jesse Toprak, executive director of industry analysis for Edmunds.com.
"The competitiveness of the marketplace seems to be catching up with the Japanese heavyweights."
Comparing all brands, in June Mini spent the least, virtually nothing, followed by Scion at $68 per vehicle sold. At the other end of the spectrum, Cadillac spent the most, $7,682, followed by Lincoln at $5,430. Relative to their vehicle prices, Cadillac and Saab spent the most, 16.7% and 16.1% of sticker price, respectively, while Mini spent essentially nothing and Scion spent just 0.4%.