New-Vehicle Prices Stay Put

The average transaction price for a new vehicle reached $50,562 in September, close to the record set in December 2025 but flat year-over-year.

According to Kelley Blue Book, vehicle prices typically rise in the second half of the year, thanks to the arrival of next-model-year inventory, but this year those units have been slow to arrive on lots.

Another factor tempering price increases is the popularity of more affordable segments like subcompact SUVs, compact cars and small and midsize pickups. These segments, plus compact and midsize SUVs, made up nearly two-thirds of the month’s sales volume.

Electric-vehicle buyers had a small reprieve, also thanks to a strong mix of more affordable models. Their average transaction price dropped 3% year-over-year to $55,879. Tesla’s ATP, however, was flat year-over-year, models 3 and Y accounting for nearly 97% of its sales.

Incentive spending for the industry as a whole and for non-EVs was down compared to last year. The dollar amount declined nearly 9% year-over-year. For EVs, it fell from 14% of ATP to 11%.