New Car Prices are Back on the Rise

Nov. 11, 2022

The average price paid for a new vehicle in October was $48,281.

Nov. 11, 2022—New car prices are on the rise once again, according to Kelley Blue Book.

The average price paid for a new vehicle in October was $48,281. This price is eerily similar to the record set in August, which was an average of $48,301. October prices went up 0.2% month over month from September, which translates to $187. October 2022 prices went up 3.8% from October 2021, which translates to $1,775.

Honda, Kia and Hyundai sold new cars for around 4% to 8% above sticker price, according to Kelley Blue Book. Buick charged 1% or more below the MSRP.

Luxury car purchases made up 17.8% of new car sales in October, with buyers paying an average of $66,645. New electric vehicle prices were $2,286 less than in September. Kelley Blue Book estimates the average new EV price to be $64,249. 

"October marks a record 17th consecutive month that the average new car buyer has paid over sticker price," according to Kelley Blue Book. 

About the Author

Ratchet+Wrench Staff Reporters

The Ratchet+Wrench staff reporters have a combined two-plus decades of journalism and mechanical repair experience.

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