The exact average price is $48,043.
Back in October, the average price was $45,000.
This average transaction price is alarmingly high. Not that long ago, $48k-$50k was enough to purchase a really nice car – I’m talking top-spec 2005 BMW 330xi money.
Despite tough and potentially toughening economic times, consumers are buying new vehicles paying bigger bucks than ever for most of them. The average transaction prices (ATP) have been on the rise over the last 12-24 months, aligning with pent-up demand and lower output due to part-supply-chain woes. While there are still a few deals to be made, EVs and luxury vehicles are influencing the average price the most.
The ATP for EVs, according to Autoblog, reached $66,997 in June, or a $2,444 increase over June. This rise was largely caused by automakers increasing their suggested retail prices.
Luxury brands are selling at an ATP of $66,476. The kicker is that, while the amount doesn’t seem too excessive, is that in June of last year, premium vehicle buyers typically paid $825 under MSRP on average. This year, in June specifically, the tables have changed dramatically as they are now paying on average, $1,097 over MSRP.
We recently reported that the average monthly payment had risen to over $700. As well, almost 13% of these monthly payments are $1,000 or more per month… When will this trend end?
