Average Price of New Vehicle is $48K
July 18, 2022—New vehicle prices have gone up again, reaching over $48,000 per transaction.
According to Spectrum News, Kelley Blue Book data reveals that customers have paid around $48,043 for a new vehicle, which is a the highest average on record.
“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,” Cox Automotive Research Manager Rebecca Rydzewski said in a statement, according to Spectrum News.
In June, new vehicle prices were up 12.7 percent compared to the year before, and that was a 1.9 percent increase from just the previous month in May.
Factors that play into this price rise are driven by electric vehicle and luxury vehicle sales. For instance, the average for an electric vehicle purchase in June was a 13.7 percent increase overall compared to the year before.
Additionally, Spectrum News noted that some new vehicles are being sold for more than a manufacturer's suggested retail price.
Compact care prices rose 0.6 percent from May to June, but these car models are in short supply.