The average price for a new vehicle in the U.S. has reached a record high and surpassed the $48,000 mark for the first time, data from Kelley Blue Book reveals.
In June 2022, the new vehicle average transaction price (ATP) hit $48,043, beating the previous high of $47,202 that was set in December 2021. Prices for June rose 1.9 per cent ($895) from May 2022 and are 12.7 per cent ($5,410) higher than they were in June 2021.
Contributing to the increase in the new vehicle ATP are the higher prices being paid for luxury vehicles. Kelley Blue Book’s analysis reveals that in June 2022, the average luxury buyer paid $66,476 for a new vehicle, a rise of $1,097 month over month and the highest ATP ever for a luxury vehicle. Furthermore, the number of luxury vehicles being purchased has hit a new high, accounting for 18 per cent of total sales, up 17.3 per cent from May.
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