The average new car in America sold for $48,043 in June – the highest figure on record and the first time the average has crested the $48,000 mark.
June’s average was 1.8% higher than May’s and 12.7% ($5,410) higher than one year ago.
Buyers in the non-luxury segments paid an average of $1,017 above sticker price.
Prices rose even as car dealers’ ongoing inventory problems eased slightly. Car dealers measure their stock of new cars in a metric they call “days of inventory.” That average inched into the high 30s in June after hovering in the mid-30s all year.
We’re Buying More Luxury Cars
The price increase comes in part thanks to America’s taste for luxury cars. Luxury vehicles made up 18% of all new car sales in June – a historically high figure.
That drives the average transaction price up even when those buyers pay a similar premium to those who buy more affordable cars. The average luxury buyer paid $1,069 above sticker price in June.
Hybrids, EVs Driving Average Up
In recent months, high gas prices have sent more Americans shopping for fuel-efficient cars. But those cars are driving up the cost of the average new car.
Hybrids saw the largest price increase of any market segment – a month-over-month change of $3,593. Electric vehicle (EV) prices rose by $2,444 last month.
Some Types, Manufacturers Still Affordable
Not every type of new car is historically expensive.
Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive, explains, “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.” Those “are selling for more than 30% less” than the industry average price.
Cox Automotive is the parent company of Kelley Blue Book.
Manufacturer matters, too. New vehicles from Honda, Kia, and Mercedes-Benz all sold for between 6.5% and 8.7% over MSRP in June. Those from Buick, Lincoln, and Ram sold for an average of 1% under sticker.
