The average transaction price (ATP) of a new vehicle crossed $50,000 in September for the first time ever, according to an Oct. 13 statement by vehicle valuation company Kelley Blue Book (KBB).
ATP last month was a record high $50,080, up by 2.1 percent from August. It was 3.6 percent higher than a year ago, the largest annual gain since spring 2023.
Amid rising prices, incentive spending by sellers rose in September to hit 7.4 percent of ATP—roughly $3,700. This is the highest incentive level for the year, KBB said.
“We’ve been expecting to break through the $50,000 barrier,” Erin Keating, executive analyst at auto services company Cox Automotive, which owns KBB, said….