It’s good news for buyers and less so for dealers, as the latest information from Kelley Blue Book shows that the average price of new car transactions continues to trend down. New vehicle prices in May remained lower year-over-year for the eighth consecutive month, driven by increasing inventory levels.
Data shows that that the average transaction price (ATP) for a new vehicle in the U.S. was $48,389, representing a 0.9% drop from May 2023. This translates to a decrease of approximately $442, providing some relief for consumers facing high inflation.
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