Average new car price hits $41K record in May
Prices up 5.43% from May 2020
Americans are continuing to pay sky high prices for their new vehicles.
The average transaction price for new cars and trucks hit a May record of $41,263 last month, according to Kelly Blue Book.
That represents a 1.21% increase from April, a 5.43% jump from May 2020 and was just shy of the all-time monthly high of $41,335 set last December.
Subcompact cars led the way with prices up 3.7% as supplies of more popular styles and used cars continue to be scarce due in part to the ongoing semiconductor chip shortage affecting the industry.
High-end cars,. luxury subcompact SUVs and compact cars were also up over 3% while midsize pickups, other sedan and hatchback size classes and electrified vehicles also saw steep increases.
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"Many manufacturers reported year-over-year gains in average transaction prices. The largest increase came from Mitsubishi, up 12% from this time last year," Kelly Blue Book parent Cox Automotive's industry intelligence analyst Kayla Reynolds said.
Ford saw the biggest drop from April, with prices down 2.60%.