The Average New Car Now Costs More Than $50,000
The $20K new car is now "mostly extinct," per one analyst, and don't count on it making a comeback.
The average transaction price for a new vehicle crossed the $50,000 threshold last month, according to new data from Cox Automotive via Kelley Blue Book.
September’s average transaction price of $50,080 represented a 2.1% increase over August, and a 3.6% rise compared to a year earlier.
Cox reported that average dealer incentive spending has risen too, likely to offset some of that pressure, to 7.4% of the average transaction price, or approximately $3,700.
The $20K new car is now "mostly extinct"
Author's note: New cars now cost over $50,000 on average.