The average transaction price for a new vehicle in the United States hit $40,472 last month. The average sale price is actually down $608 between February and March but remains $1,660 above March 2020.
Average transaction prices increased for nearly every brand of car. Volkswagen Group saw the largest increases, with prices up 15.4% year-over-year. But only Tesla (down 7.1%), Mitsubishi (down 6.92%), and Nissan (down 3.49%) saw customers paying less than they had one year before.
Minivan shoppers paid significantly more, with the average transaction price increasing 16.75% from one year earlier. But it wasn’t just practical cars that saw their prices rise. Average transaction prices on high-performance cars are up by 11.53%.
There was one bright spot for shoppers — the price paid for the average electric vehicle declined 4.93%.
Kayla Reynolds, Industry Intelligence Analyst at Cox Automotive (parent company of Kelley Blue Book), explains, “The Electric Vehicle (EV) category is a segment to watch, as affordable new models continue to roll in and drive down year-over-year pricing.”
Manufacturers are expected to introduce more than 100 new EV models by the end of 2021. While the first widely successful EVs tended to come from luxury manufacturers, many of the newer electric cars compete in more affordable market segments, such as the Ford Mustang Mach-E and Volkswagen ID.4. The best-selling EV in America remains Tesla’s Model 3. Its price was down 7% year-over-year.
