The average price of a new car in the US is $45,000 12 and has increased by %.

This average new car price increase hit a record six-figure figure in just one year. Obviously, the lack of chips for cars is causing the average price to rise month after month.

From September 2020 to today, average new car prices have risen and set new records month after month.

According to the latest data from Kelley Blue Book (KBB) and Cox, the average new car cost $45,031 in September, the first time in history that figure has surpassed $45,000. Automotive. That's down from 40,000's $2020 at the end of 42,000 and down from last June's $XNUMX.

Over the past year, average new car prices have risen 12,1%, or $4,872. From August of this year to today alone, the average price has risen by 7%, or $1,613.

Unlike at the beginning of the year, when dealers reopened their doors after months of closure due to the pandemic, prices are now rising as sales slump due to a shortage of chips for new cars.

Car sales fell 7.3% from August to September, according to KBB data. Research shows that many car buyers are turning away from buying cars as chip shortages leave dealers without enough new cars to sell. 

Earlier this year, strong demand and low inventories boosted automakers' profits. While new cars are still less affordable, KBB's latest data shows that buyers of luxury cars, trucks and midsize SUVs are the driving force behind September's average price increase.

The lack of incentives and offers from automakers contributes to the increase in prices for buyers of new cars. In today's market with such small inventory, there is no need to convince buyers with money back offers and the like.

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