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New car price averaged $48,182 in July, all-time record


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Anyone remember when $50,000 could get you a pretty luxury new car? Based on Kelley Blue Bookthose days are long gone: In July, the average new car sold in the US cost $48,182 in the US, beating the previous price recordwhich only set in june.

In it Report reveals new all-time recordKBB makes an interesting argument: Buyers are now more upset by lack of inventory over them because of the high price. The COVID-19 pandemic has seen a supply chain squeeze and increased demand for affordable vehicles. Now, the affordable car buying craze has subsided, leaving some buyers to choose a more luxurious option than what they might have chosen before. From KBB:

Average price data can hide the fact that not every shopper is in the same location. Luxury cars accounted for 17.8% of auto purchases Americans bought in July – down from 18.2% in June, but still at an all-time high. That pushes the price up.

“New car inventory levels are better than they were a year ago, but are still at historic lows and that drives new car prices up,” said Rebecca Rydzewski, director of economic and industry research at Cox Automotive. “However, even though medium At record prices, there are affordable cars out there. Compact cars and SUVs and subcompact models typically trade 30% to 40% less than the industry average.”

That said, the typical buyer still pays a lot above sticker price for a new car in July: an average of $875 on the MSRP for non-luxury vehicles and an average of $730 for luxury vehicles. Furthermore, incentives remain low – just 2.4% of the average transaction price compared with 5.9% last year – while in-demand vehicles such as SUVs and crossovers retain enough demand to justify justify to the agent charged above.

However, there is good news: electric vehicle asking prices fell 2.3% in July from a year ago! Just ignore the fact that the average asking price of an EV ($66,000) is still much higher than the industry average.



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