Average New Car Prices Have Jumped By More Than 5% Since May 2020

BY Brad Anderson | Posted on

The average new price of a light vehicle in the U.S. has jumped by 5.4 per cent to $41,263 in May 2021 compared with the same month in 2020.

Figures released by Kelley Blue Book reveal that the average new price of vehicles from most major brands in the U.S. have increased from last year and also jumped from April to May 2021 on the back of heightened demand for new cars and limited supplies due to the ongoing semiconductor shortage.

Read Also: Prices For Some Used Cars Are Now Higher Than When They Were New

The prices of new Mitsubishi models jumped by the most, rising by 12 per cent from May 2020 to May 2021 and growing by 5.6 per cent from April to May 2021. In May 2020, the average Mitsubishi sold for $22,525. That figure has since jumped to $25,221. Prices of models from the Stellantis group have also jumped by 11.3 per cent compared to May 2020 and now sit at an average of $48,093, compared to $43,191 in May 2020.

General Motors and American Honda (Honda and Acura) also reported significant increases of 10.9 per cent and 10.7 per cent respectively. Interestingly, the average transaction price of a new Nissan in the U.S. has dropped by 0.4 per cent over the past 12 months while the average price of a new Tesla has fallen by 8.8 per cent but did rise by 3.7 per cent from April to May 2021.

Industry wide, the average new light vehicle transaction price sits at $41,263 compared to $39,138 in May 2020.

A breakdown of different segments also returns some interesting figures. For example, the average transaction price of a new electric vehicle has fallen by 10.8 per cent while the average price of high-performance cars has dropped by 13.2 per cent. Minivan prices have increased the most, spiking by 15.4 per cent compared to May 2020.

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