As automakers reported a range of February sales results, six-figure vehicle sales have increased 333% since 2020 despite mounting affordability concerns across the overall market.
More than 52,000 new vehicles sold for more than $100,000 in the first two months of 2025 -- a significant rise from 46,000 during the same period last year and a dramatic increase from just 12,000 five years ago in early 2020, according to Kelley Blue Book’s February new-vehicle average transaction price (ATP) report, released by Cox Automotive.
In February alone, Land Rover’s Range Rover led the luxury segment with more than 3,800 units sold.
At the same time, average new-vehicle prices and financing costs remain a hurdle for many consumers. February’s industry-wide ATP was $48,039 -- up 1% year-over-year but down 1.3% from January. Incentive spending averaged 7.1% of ATP, or $3,392, marking an 18.6% increase from last year, driven in part by growing discounts in the electric vehicle (EV) market.
Despite rising prices and higher loan rates, the market continues to lean heavily on high-income households to sustain new-vehicle sales.
“The income divide remains a key issue for new-vehicle sales momentum, as the industry continues to count on high income households with prime and super prime credit scores to drive sales,” said Erin Keating, executive analyst at Cox Automotive.
In the EV sector, ATPs in February stood at $55,273 -- 15.1% higher than the industry average and up 3.7% year over year. However, prices dipped 1.2% from January. EV incentives reached a five-year high, averaging 14.8% of ATP, or $8,162 -- more than double the broader market average. A year ago, EV incentives were 10.2% -- a 44% year-over-year surge in discounting.
Tesla’s ATP rose 1.8% year over year to $53,248 in February, though it fell 3.7% from January. Notably, the Cybertruck saw its ATP drop over 10% from the prior month, landing at $87,554.
Collision Repair Trends Related to Vehicle Sales
In its most recent Crash Course Report on Q4 and full-year 2024, CCC said vehicles 7 years or older now make up nearly 45% of all repairable claims, a sharp increase from pre-pandemic levels. This shift reflects the fallout from reduced new vehicle production during the pandemic, which created a gap of more than 13 million vehicles.
The aging vehicle pool had a significant impact on total loss frequency in 2024. With used vehicle values declining and older cars making up a larger share of claims, total losses reached a record high, accounting for 22% of all claims through October. Fewer new cars on the road and elevated prices for both new and used vehicles meant older cars stayed in circulation longer. While repair costs for older vehicles remained lower than for newer models, total losses soared as their values continued to drop.
For the first time since the pandemic, new vehicle inventories began to rise, reaching over 3 million units by November. Yet, despite the recovery in availability, elevated vehicle prices and high financing costs kept sales below pre-pandemic levels.
Between the high purchase costs, loan rates and auto premiums, 2024 saw an uptick in uninsured or underinsured motorists (UM/UIM) claims -- notably, auto casualty claims -- as consumers struggled with affordability. This trend is not just a byproduct of lower vehicle values and inflation; it's also driven by the increasing claims costs.
Automaker Sales Results
Ford
Ford reported it sold 158,675 vehicles in February – down 9% compared to the same month a year ago.
The overall dip for the month was due to lower sales of gas-powered vehicles, which decreased 12.7% year-over-year. EV sales were up 15%, while hybrid vehicles increased by 27.5%.
For the same year-over-year period, truck sales were up 7.7%, but SUV and car sales both dropped, by 24.4% and 32.2% respectively.
Honda
American Honda sales totaled 107,011 units in February, with record sales of light trucks and electrified models.
Honda brand February sales totaled 97,688 as demand remains strong across the lineup. Honda light trucks posted an all-time record February with sales of more than 70,000 units, up almost 9% compared to February 2024.
Honda set an all-time record in February for sales of electrified vehicles with 31,551 units, led by strong sales of the Civic Hybrid, CR-V Hybrid, Accord Hybrid and Prologue EV.
Acura brand sales totaled 9,323 units in February, up 7.3% over January despite frigid weather that was particularly hard on strong Acura markets in the Northeast, as well as shutdown of the Marysville and East Liberty Auto Plants in Ohio due to retooling in preparation for the new all-electric Acura RSX.
Hyundai
Hyundai Motor America reported record-breaking total February sales of 62,032 units, a 3% increase compared with February 2024. This was the best February in Hyundai’s history, a record fifth consecutive month setting total sales records.
All time total sales records in February were set for Santa Fe HEV (+194%), Tucson (+2%) and IONIQ 6 (+12%). Total sales of hybrid electric vehicles jumped 57%, while total electrified sales grew by 35%.
Subaru
Subaru of America, Inc. reported 49,125 vehicle sales for February 2025, a 4.1% increase compared to February 2024. February also marked the 31st consecutive month of month-over-month sales increases for the automaker.
Forester maintained its position as the top performer by volume with 14,347 vehicle sales, and Crosstrek sales followed closely behind with 12,818 vehicles sold in February. Outback sales also remained strong with 11,601 vehicles sold. In addition to these sales volume leaders, Solterra also continued to see sales growth, achieving its best February ever, up 187% over the previous year.
Mazda
Mazda North American Operations reported total February sales of 33,538 vehicles, an increase of 2.5% compared to February 2024. Year-to-date sales totaled 67,219 vehicles sold, an increase of 6.7% compared to the same time last year. With 24 selling days in February, compared to 25 the year prior, the company posted an increase of 6.8% on a Daily Selling Rate (DSR) basis.
