The price of new cars has hit a milestone. The average sale price in September was, for the first time, more than $50,000.

Queens

The average sale price of new cars has surpassed $50,000, marking a significant milestone in the automotive market. This increase is attributed to a combination of factors, including a higher demand for luxury vehicles and electric vehicles, as well as improved safety and technology features. According to industry sources, nearly 94,000 vehicles were sold for over $75,000, and the trend of rising prices began during the COVID-19 pandemic when manufacturers produced more expensive models to meet consumer preferences.

The higher costs have led budget-conscious buyers to consider used cars, which has also driven up prices in the secondhand market. In addition to sticker prices, increased auto loan interest rates and insurance premiums are making car ownership less affordable. While tariffs have contributed to some price increases, especially for car parts, manufacturers are reportedly absorbing some of these costs to maintain sales. Meanwhile, the national average price for gasoline has reached its lowest point in four years.

Behind the rise of new car prices

Price of new cars has hit a milestone. The average sale price in September was, for the first time, more than $50,000. And 94,000 vehicles sold for more than $75,000. Kelly O'Grady looks at what's driving car prices higher. What are you hearing from consumers when they come in here? Price is too high. Brian Benstock is the vice president and general manager of Paragon Honda and Acura in Queens, New York. Car prices seem to have been rising ever since COVID. And there's no turning back on that. And why is that? Manufacturers, during COVID, were producing more expensive cars. And American consumers wanted those more expensive cars. For the first time ever, Americans are paying more than $50,000 on average for a new car. That's according to Kelly Blue Book. Part of the price increase is due to wealthier shoppers opting for luxury vehicles and EVs, which are more expensive. But features are another driver. Cars have never been better equipped than they are today. Cars have never been safer than they are today. A good portion of the increase in the price of cars is the content that the customers are getting. It's not strictly due to inflation. The increased cost for new cars has budget-conscious consumers shopping used, driving up those prices as well. They take a look at the new car prices. They see that they're higher than they'd like them to be. The alternative would be to go to a certified pre-owned car or used car. The affordability issue goes beyond just the sticker price. Auto loan interest rates and insurance premiums have drivers struggling to make payments. They try and fit their car payment into their monthly budget. Ben Stock says it's time for manufacturers to shift their offerings. As long as we're focusing on what the customers want, not what the manufacturers want, I think we'll be able to bridge that affordability gap. Car prices are up, but here's some good news. The national average for a gallon of gas is just about $3. That's the lowest it's been in four years. Kelly, what do we know about the effect tariffs have had on these prices? So that Kelly Blue Book report that I mentioned, it does cite tariffs as a driver of part of these prices. But remember, we've heard from these big car companies during earnings. They're absorbing a lot of that cost because they want to keep us coming in the door. The bigger impact we've seen from tariffs, car repair parts. They come from China, Mexico, Canada. I look at the CPI every month, and we've seen consistent evidence of tariffs of inflation.

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