The average transaction price (ATP) of a new vehicle in the U.S. moved higher in November, according to estimates released today by Kelley Blue Book, a Cox Automotive brand. New-vehicle prices have been increasing steadily – albeit slowly – for more than a year now. After peaking in September, prices have remained mostly stable at just under $50,000. Prices are expected to move higher this month, as new-vehicle prices typically peak in the final month of the year, as a rich mix of expensive vehicles is sold.

• The new-vehicle ATP in November was $49,814, up 1.3% year over year and mostly unchanged from October ($49,760). The elevated ATP continues to reflect a market heavily influenced by affluent households.
  
  
• The average incentive package in November was equal to 6.7% of ATP ($3,347), down notably from one year ago when incentive spending was at a three-year high of 7.9% of ATP. Incentive spending in November was higher compared to October, when incentives averaged 6.5% of ATP. In 2025, incentive spending has averaged roughly 7.0% of ATP.
  
  
• The average new-vehicle manufacturer's suggested retail price (MSRP) – commonly called "the asking price" – was higher by 1.7% year over year in November. The MSRP also increased month over month, gaining 0.3%. The average new-vehicle MSRP has been above $50,000 since April, as a rich mix of expensive vehicles sold each month continues to drive elevated pricing.
  
  
• In November, the average MSRP for a full-size pickup was above $70,000 for the third-straight month. At $70,178, the average MSRP was 1.8% higher than in November 2024 and mostly unchanged from October. Incentives held steady as well, measured at 8.4% of ATP. More than 182,000 full-sized pickup trucks were sold last month, accounting for 14.2% of total sales.
  
  
• New vehicles sold in November with an MSRP below $30,000 accounted for 7.5% of total sales last month, down from 10.3% in November 2024, as lower-priced vehicles continue to struggle in the U.S. market. The most popular under-$30,000 vehicles last month were the Toyota Corolla, Chevrolet Trax and Hyundai Elantra. (Note: 10.8% of vehicles sold last month had MSRPs over $75,000.)

Quote from Erin Keating, Executive Analyst, Cox Automotive

"Our average price for a new vehicle in the U.S. is holding near $50,000 and showing no signs of coming down," said Cox Automotive Executive Analyst Erin Keating. "It's important to remember, though, that the KBB ATP is a measure of what is bought, not what is available. Nearly half of new-vehicle buyers are over the age of 55 and in their peak earning years. These buyers are more likely shopping for a high-end SUV, not something cheap and cheerful. In November, the over-$75,000 price point saw more volume than under-$30,000."

Electric Vehicle Prices Drop, Incentive Increase as EV Market Searches for New Normal

• The average price for a new electric vehicle (EV) in November was $58,638. The EV ATP climbed 3.7% year over year, but was down 0.8% from October. Incentives as a percentage of ATP were 13.3%, which is 4.1% lower than in November 2024 but 20.1% higher than in October.
  
  
• EV Sales were weak for the second straight month, according to initial estimates from Kelley Blue Book. At just over 70,000, sales were lower by more than 40% year over year and down roughly 5% from October. A full report on November EV sales will be released next week.
  
  
• Tesla's ATP was $54,310 in November, down 1.7% from one year ago but higher than October by 1.5%. Sales declined for the second straight month and were down 22.7% year over year in November, mostly due to significant declines of the popular Model 3, which fell 42.1% year over year and 11.9% month over month. The Model Y, the most popular EV sold in the U.S., saw prices increase modestly in November, up 0.9% both year over year and month over month. Sales volume was lower by 0.5% versus November 2024, but higher by 2.5% from October.
  
  
• Telsa Cybertruck, at one point best-selling vehicle priced over $100,000, saw sales fall to 1,194 units in November, the lowest volume of 2025. Cybertruck prices, at $94,254, were higher year over year and compared to October.

Data tables are available for download.