Here’s how high new vehicle prices have gone

As the value of used vehicles hit high all-time highs, so, too, do the prices of new vehicles.

Kelley Blue Book in the U.S. notes that US$45,031 was the average new vehicle transaction price in September. That’s another record high — the sixth straight month one has been set.

Compared to September 2020, that’s a 12.1 per cent increase and a jump of 3.7 per cent from August 2021.

The U.S. reported a shift in the vehicle mix in September. Consumers moved away from lower-priced sedans, compacts and entry-level segments toward more expensive pickups, SUVs and the luxury market.

Naturally, that shift would drive up the average ticket.

“The record-high prices in September are mostly a result of the mix of vehicles sold,” said Kayla Reynolds, analyst for Cox Automotive. “Midsize SUV sales jumped in September compared to August and full-size pickup share moved up as well. Sales of lower-priced compact and midsize cars, which had been commanding more share during the summer, faded in September. As long as new-vehicle inventory remains tight, we believe prices will remain elevated.”