NATIONWIDE — The average transaction price for a new vehicle is now more than $48,000, according to Kelley Blue Book. Driven in large part by luxury and electric vehicle sales, the $48,043 consumers paid for a new vehicle in June was the highest on record.
New vehicle prices were up 12.7%, or $5,410, in June compared with a year earlier. They cost 1.9%, or $895, more from just a month earlier in May.
Many new vehicles are being sold for more than the manufacturer’s suggested retail price, with models from Honda, Kia and Mercedes-Benz selling for 6.5 to 8.7% over the sticker price. Buick, Lincoln and Ram, however, were selling for about 1% less than sticker.
“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.
Compact car transaction prices increased by just $146 or 0.6% in June compared with May. They are, however, in extremely short supply, Kelley Blue Book noted.
In June, the average luxury buyer paid a record-breaking $66,476 for a new vehicle, while non-luxury buyers paid $43,942 — also a record. The average price consumers paid for a new electric vehicle in June was $66,997 — a 3.8% increase compared with May and a 13.7% increase compared with a year earlier.
June’s record-breaking car prices track with Wednesday’s U.S. Bureau of Labor Statistics announcement that the Consumer Price Index rose 9.1% last month — its highest level in over four decades.