New-Vehicle Prices Flirt With Record in September as Buyers Trade Down
New-vehicle transaction prices rose for a fourth consecutive month in September, reaching $50,562 — just $52 below the all-time record of $50,614 set in December 2025 — as the arrival of new model-year inventory pushed prices higher while buyer migration toward more affordable segments tempered the headline gain, according to Kelley Blue Book (div. Cox Automotive).
Year-over-year growth held at just 0.7%, well below September’s typical 2% to 4% range, according to the report. The five highest-volume segments — compact SUV, midsize SUV, full-size pickup, subcompact SUV and compact car — accounted for nearly two-thirds of September volume, with four of the five posting above-average price gains. Incentive spending fell to 6.6% of ATP in September, down from 7.3% a year earlier.
“Affordability pressures are pushing more buyers toward lower-priced vehicles and segments, which tempers the industrywide number even as prices for individual vehicles rise,” writes Erin Keating, executive analyst at Cox Automotive.
EV transaction prices averaged $55,879 in September, down 3% year over year as a stronger mix of more affordable EV models like the Chevrolet Bolt helped bring down the category average. EV incentives fell to 11% of ATP, their lowest level of 2026.
