New-vehicle prices in the U.S. remained near record levels in November, reflecting a market increasingly shaped by affluent buyers, according to a new report from Kelley Blue Book.
The average transaction price (ATP) for a new vehicle rose to $49,814 in November, up 1.3 per cent year over year and virtually unchanged from October. Kelley Blue Book said prices have been trending higher for more than a year and are likely to rise further in December, when higher-priced vehicles typically account for a larger share of sales.
“The average price for a new vehicle in the U.S. remains near $50,000, with no indication of softening,” said Cox Automotive executive analyst Erin Keating in a statement, noting that many buyers are opting for higher-end vehicles with more features.
Incentive spending moderated compared with last year. The average incentive package in November was 6.7 per cent of ATP, or $3,347 — down from 7.9 per cent a year earlier (though slightly higher than October’s level). For 2025 overall, incentives have averaged about seven per cent of ATP.
Manufacturer suggested retail prices (MSRP) also continued to climb. Based on KBB’s report, the average new-vehicle MSRP reached $51,986 in November, up 1.7 per cent year over year, and has remained above $50,000 since April. Full-size pickups continued to anchor the high end of the market, with average MSRPs above $70,000 for a third consecutive month. Nearly 183,000 full-size pickups were sold (about 14.2 per cent of total sales).
Based on the report, lower-priced vehicles continued to lose ground. Models with MSRPs under $30,000 accounted for just 7.5 per cent of November sales, down from 10.3 per cent a year earlier. By contrast, 10.8 per cent of vehicles sold carried MSRPs above $75,000.
