- The average price paid for a new car in the United States in September was $ 45,031, Kelley Blue Book said.
- This is the sixth consecutive month that new car prices have broken records.
- The average used car sold for $ 28,364 in September, a jump of nearly $ 8,000 from before the pandemic.
We stocked up on toilet paper. We emptied the shelves of hand sanitizer and wipes. But it turns out that anyone who really wanted to anticipate the long-term supply shortages caused by the pandemic should have bought new Honda, Chevy and Kias.
The average transaction price for a new car exceeded $ 45,000 for the first time in September, according to a Kelley Blue Book study released Wednesday. This is the sixth consecutive month that prices have broken records amid a massive shortage of new cars in the United States.
The new average of $ 45,031 represents an increase of $ 4,872 from September 2020, when the average new car sold for $ 40,159, according to the report. The average transaction price jumped over $ 1,600 between August and September.
The price increases came as dealer incentives fell to all-time lows. September also saw proportionally more SUVs, pickup trucks and luxury vehicles change hands than in previous months, pushing up the average transaction price, Kelley Blue Book said.
Buyers who cannot find the new vehicle they are looking for are flocking to the used market, pushing prices to absurd highs. In September, the average used car sold for $ 28,364, according to Edmunds. That’s a new record and a jump of nearly $ 8,000 from February 2020.
The average five-year-old car sold for around $ 24,500 in September, down from around $ 18,500 just before the pandemic, according to Edmunds. The U.S. Consumer Price Index for September shows prices for used cars and trucks edged down, but is based on data different from Edmunds.