The average transaction price (ATP) of a new vehicle in the U.S. moved higher in November, according to estimates released Dec. 10 by Kelley Blue Book. New-vehicle prices have been increasing steadily – albeit slowly – for more than a year now. After peaking in September, prices have remained mostly stable at just under $50,000. Prices are expected to move higher this month, as new-vehicle prices typically peak in the final month of the year, as a rich mix of expensive vehicles is sold.
The new-vehicle ATP in November was $49,814, up 1.3% year over year and mostly unchanged from October ($49,760). The elevated ATP continues to reflect a market heavily influenced by affluent households. The average incentive package in November was equal to 6.7% of ATP ($3,347), down notably from one year ago when incentive spending was at a three-year high of 7.9% of ATP. Incentive spending in November was higher compared to October, when incentives averaged 6.5% of ATP. In 2025, incentive spending has averaged roughly 7.0% of ATP.
In November, the average MSRP for a full-size pickup was above $70,000 for the third-straight month. At $70,178, the average MSRP was 1.8% higher than in November 2024 and mostly unchanged from October. Incentives held steady as well, measured at 8.4% of ATP. More than 182,000 full-sized pickup trucks were sold last month, accounting for 14.2% of total sales.
New vehicles sold in November with an MSRP below $30,000 accounted for 7.5% of total sales last month, down from 10.3% in November 2024, as lower-priced vehicles continue to struggle in the U.S. market. The most popular under-$30,000 vehicles last month were the Toyota Corolla, Chevrolet Trax and Hyundai Elantra. (Note: 10.8% of vehicles sold last month had MSRPs over $75,000).
“Our average price for a new vehicle in the U.S. is holding near $50,000 and showing no signs of coming down,” said Cox Automotive Executive Analyst Erin Keating. “It’s important to remember, though, that the KBB ATP is a measure of what is bought, not what is available. Nearly half of new-vehicle buyers are over the age of 55 and in their peak earning years. These buyers are more likely shopping for a high-end SUV, not something cheap and cheerful. In November, the over-$75,000 price point saw more volume than under-$30,000.”
