Average Price of New Vehicle is $48K

July 15, 2022

New car transaction totals are averaging at $48,043, which is the highest average on record. 

July 15, 2022—New vehicle prices have gone up again, reaching over $48,000 per transaction.

According to Spectrum News, Kelley Blue Book data reveals that customers have paid around $48,043 for a new vehicle, which is a the highest average on record.

“While prices for the industry are, on average, higher than MSRP, there are some non-luxury segments that are more affordable, such as compact cars and compact SUVs/crossovers,” Cox Automotive Research Manager Rebecca Rydzewski said in a statement, according to Spectrum News. 

In June, new vehicle prices were up 12.7 percent compared to the year before, and that was a 1.9 percent increase from just the previous month in May. 

Factors that play into this price rise are driven by electric vehicle and luxury vehicle sales. For instance, the average for an electric vehicle purchase in June was a 13.7 percent increase overall compared to the year before.

Additionally, Spectrum News noted that some new vehicles are being sold for more than a manufacturer's suggested retail price. 

Compact care prices rose 0.6 percent from May to June, but these car models are in short supply. 

About the Author

Ratchet+Wrench Staff Reporters

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

Sponsored Recommendations

Download: Lessons in ADAS

As ADAS systems become increasingly popular, understanding proper maintenance is crucial. This eBook explains the importance of staying current on proper ADAS calibration processes...

Establish and track your KPIs: Gross Profit on Labor

WHAT IT IS: The difference between the revenue of a job and the cost of completing it as it relates to labor, excluding all overhead costs. HOW TO CALCULATE IT: Job (or repair...

Find the right shop management system to boost your efficiency

Find the right shop management system to aid in efficient scheduling, communication and payment processing

Craft a strategic marketing plan

Develop strategies and communicate them to your staff to keep you on track