Kelley Blue Book reports that November’s new-vehicle prices averaged $48,724, a 1.5% increase from November 2023 and the highest of 2024.
Despite rising costs, new-vehicle sales exceeded expectations, driven by pent-up demand, improved consumer sentiment, and growing inventory.
Sales incentives reached 8.0% of the average transaction price (ATP), the highest since early 2021, helping offset costs and attract buyers. Compact SUVs remained the most competitive segment, with incentives averaging 10.2% of ATP. Meanwhile, electric vehicle (EV) prices fell by 1.8% from October, with incentives climbing to 14.9% of ATP, making EVs an appealing option.
“Higher discounts and incentives kept the market moving,” said Erin Keating, Cox Automotive Executive Analyst. November’s robust sales suggest a positive outlook as the year concludes.
