The average price for a new vehicle in the U.S. has reached a record high and surpassed the $48,000 mark for the first time, data from Kelley Blue Book reveals.
In June 2022, the new vehicle average transaction price (ATP) hit $48,043, beating the previous high of $47,202 that was set in December 2021. Prices for June rose 1.9 per cent ($895) from May 2022 and are 12.7 per cent ($5,410) higher than they were in June 2021.
Contributing to the increase in the new vehicle ATP are the higher prices being paid for luxury vehicles. Kelley Blue Book’s analysis reveals that in June 2022, the average luxury buyer paid $66,476 for a new vehicle, a rise of $1,097 month over month and the highest ATP ever for a luxury vehicle. Furthermore, the number of luxury vehicles being purchased has hit a new high, accounting for 18 per cent of total sales, up 17.3 per cent from May.
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“While prices for the industry are, on average, higher than MSRP, there are some non-luxury segments that are more affordable such as compact cars and compact SUVs/crossovers,” research manager of economic and industry insights for Cox Automotive, Rebecca Rydzewski, said. “These segments are selling for more than 30% less than the industry average transaction price.”
The average price paid for a new electric vehicle also continues to rise, jumping by 3.8 per cent from May and 13.7 per cent from June 2021. The average EV is now selling for over $66,000 in the United States, while the average hybrid is selling for a touch over $39,000, representing a $3,593 increase over May and an $8,453 increase from a year ago.
Nevertheless, new vehicle ATPs have fallen slightly in some segments. For example, a full-size car is 0.2 per cent down from May, while high-performance car prices fell by 4.2 per cent in June.