Tuesday, July 23, 2024
NewsThe Average New Car Transaction Price Passes the $48,000 for the First...

The Average New Car Transaction Price Passes the $48,000 for the First Time

Car prices continue to rise as the US inches ever closer to the $50,000 mark

  • 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.

The Average New Vehicle Monthly Payment is $712 in the US

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?


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Matt St-Pierre
Matt St-Pierre
Trained as an Automotive Technician, Matt has two decades of automotive journalism under his belt. He’s done TV, radio, print and this thing called the internet. He’s an avid collector of many 4-wheeled things, all of them under 1,500 kg, holds a recently expired racing license and is a father of two. Life is beautiful. Send Matt an emai


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