The average transaction price for new cars in the U.S. climbed close to record highs last month, largely fueled by a surge in luxury car sales to close out 2024. With consumer confidence seemingly buoyed by the post-election optimism, buyers flocked to dealerships, ready to spend. It will be interesting to see if this upward trend continues or takes a breather in 2025.
In December 2024, ATPs reached $49,740, marking a 1.5% bump from $49,010 in November 2024 and a significant rise (+3.4%) compared to $48,082 in December 2023. The industry-wide record still belongs to December 2022, when ATPs hit $49,958 as inventory levels started bouncing back from the pandemic’s historic lows.
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