The average transaction price (ATP) of a new vehicle in the U.S. declined marginally in October, according to estimates released Nov. 12 by Kelley Blue Book falling from a record high set in September. New-vehicle ATPs last month were higher compared to year-ago levels. The ATP decline was mostly expected, as sales of expensive electric vehicles (EVs) fell sharply month over month, as government-backed sales incentives expired at the end of September.
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In October, the new-vehicle ATP was $49,766, falling as expected from the all-time high in September. The ATP last month was lower by 0.4% compared to September but higher year over year by 2.1%, slightly below the long-term average ATP increase.
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The average new-vehicle manufacturer’s suggested retail price (MSRP) – commonly called “the asking price” – also declined in October, as fewer higher-priced EVs were sold last month. The new-vehicle MSRP was $51,841, down from the record set in September, but up by 2.6% year over year.
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Incentive spending declined in October. The average incentive package last month was equal to 6.5% of ATP, a decrease of 11.4% compared to September, when incentive spending equaled 7.3% of ATP. A year ago, the average incentive package was equal to 7.6% of ATP.
Full-size pickup trucks, a volume-leading segment in the U.S. market, behind only the compact and mid-size SUV segments, saw average transaction prices hit a record high in October, at $66,462. Incentives, at 8.4% of ATP, were higher month over month but lower than the peaks for 2025 seen in June and July. The average MSRP for a full-size pickup sold last month was $70,351.
