New-vehicle prices surged in December 2024, reaching an average transaction price (ATP) of $49,740, just shy of the all-time high set in December 2022, according to Kelley Blue Book.
The price hike marked a 1.3% year-over-year increase, driven by strong sales of luxury and high-priced vehicles, including models exceeding $80,000, such as the Range Rover and Tesla Cybertruck.
Sales incentives remained steady at 8% of ATP, averaging $3,958 per vehicle, up 44% compared to the previous year. Full-size pickup trucks also contributed to the ATP rise, with an average price of $64,261.
Electric vehicles (EVs) experienced growth, with an average ATP of $55,544 and sales surpassing 1.3 million units in 2024. Elevated incentives, averaging $6,700 per EV, played a significant role in boosting sales.
Learn more: Kelley Blue Book
