New Car Price Keeps Climbing, with Average Now at Almost $47,100

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New Car Price Keeps Climbing, with Average Now at Almost $47,100

It was certainly news in the summer of 2021 when the average price for a new car crossed over the $40,000 threshold, but now that it’s 2022, car shoppers would probably love to see those numbers on their car’s sticker. That’s because the average new car price in the U.S. in December rose to $47,077.

The new average was noted by Kelley Blue Book, which also calculated an amazingly rapid rate of increase for car prices for the past three years. The average price rose just under $1800 in 2019, then just over $3301 in 2020, and then an incredible $6220 in 2021. That’s the kind of rate of increase that gets you to new car prices hitting $47,077 in December after they climbed to $46,329 in November.

 

“Today’s environment is essentially unprecedented for the modern auto industry; we have not been in a situation before where demand truly outstrips supply of new vehicles,” Stephanie Brinley, an analyst at IHS Markit, told Car and Driver. “This has created a new pricing dynamic that ultimately results in reported average transaction prices increasing.”

 

For the full story, check out this article from Car And Driver.

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