Vehicle incentive levels rose yet again in July, marking a new record-high for Detroit’s Big Three, which spent an average of $3,631 on spiffs during the month.
|Fullsize SUVs, such as the Suburban, show highest increase in incentives in July.|
That’s in stark contrast to the European nameplates, which doled out an average $1,873 per vehicle, the Koreans ($1,447) and the Japanese ($1,075), according to Edmunds.com.
In its True Cost of Incentives monthly report, Edmunds says that of the domestic manufacturers,Corp. spent the most on incentives, an average of $3,969 per unit, up 7% from June levels. That helped it to boost market share 1.2 percentage points during the month to 29.7%, slightly below its 30% goal.
Motor Co. saw average incentive spending climb 3.8% to $3,377 per unit. But the company’s market share still declined, falling to 18.1% during the month.
Group remained at the bottom of the pack, with incentive spending down 9.2% to $3,172 per unit. Chrysler saw its market share shrink 1.7 points to 11.8%.
On a segment basis, large SUVs posted the highest incentive levels for the month at $4,045 per vehicle, while large-car incentive spending averaged $3,595 per unit. Large trucks tallied $3,459 per unit, while luxury SUVs averaged $1,525 per vehicle and luxury sports cars hit $1,797 per unit. The segment with the least incentives was sports cars, where spiffs were limited to $1,263 per vehicle.