New-vehicle prices barely budged from their eye-popping highs in November, and they’re likely to rise this month as pricey holiday transactions and affluent shoppers perpetuate the inflated market.
In fact, about 11% of the month’s sales were at asking prices exceeding $75,000, Cox Automotive reported.
The November average transaction price was essentially flat month-over-month at $49,814, up 1% from a year earlier and close to its historical record of $50,080 set in September, Cox said.
New-vehicle prices have been on the upswing for over a year, helped along by U.S. trade tariffs and well-off consumers buying expensive models.
The average asking price also rose, however slightly by 0.3% to $51,986, up about 2% year-over-year and continuing a $50,000-plus run since April, according to Cox data. A strong mix of big models contributed to the elevated prices, including full-size trucks, whose average asking price exceeded $70,000 for the third straight month, up about 2% year-over-year.
Overall new-auto incentives were slightly more plentiful in November at 6.7% of the ATP compared to 6.5% in October, Cox said. That’s down from a three-year high of about 8% of ATP a year earlier.
More affordable models, meanwhile, kept losing market share, those with asking prices under $30,000 declining from 10% of all sales a year earlier to 7.5%.
“It’s important to remember that the [Kelley Blue Book] ATP reflects what consumers choose to buy, not what’s available,” said Cox Executive Analyst Erin Keating. “Many new-car buyers today are in their peak earning years and are less price-sensitive, opting for vehicles at the higher end of the market to get the features and experiences they value most.”
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