- The average American new car buyer paid $49,461 in April, per Kelley Blue Book data.
- Prices are rising, but only moderately – April’s figure was 1.8% higher than a year ago, which is a lower increase than we normally see.
The average new-car buyer paid $49,461 in April – 1.8% more than a year earlier, according to Kelley Blue Book data. That’s moderate price growth. Over the long run, prices tend to rise about 3.6% per year.
The average sticker price last month was $51,607, or 2.1% higher than a year ago. But dealers discounted sales by an average of 6.9%.
Related: Is Now the Time to Buy, Sell, or Trade in a Car?
An average near $50,000 doesn’t mean you need to pay that much. Shoppers pushed the figure up by choosing more expensive cars. Four of the five best-selling segments had price increases of 2.6% or more.
- Midsize SUV: $50,380, up 2.6% year over year
- Compact SUV: $37,514, up 2.9% year over year
- Full-size pickup truck: $66,705, up 2.9% year over year
- Subcompact SUV: $30,790, up 3% year over year
- Compact car: $27,590, up 1% year over year
Erin Keating, executive analyst with Kelley Blue Book parent company Cox Automotive, says the cause is “not reaccelerating inflation. Strength in high-volume segments like SUVs and pickups is lifting the average, but overall price growth remains below long-term norms.” She adds, “while year-over-year price growth may be returning to pre-pandemic norms, the market itself hasn’t.”
Shoppers continue to choose larger and more luxurious vehicles. Meanwhile, the price of the average electric vehicle (EV) last month was $54,456, 4.9% lower than a year ago.
