Sales of full-size SUVs and pickups — and a decreased appetite for small cars — pushed the average U.S. new vehicle transaction price to $49,275 in March, according to the latest report from Kelley Blue Book (div. Cox Automotive).

Average prices ticked down by 0.1% from February but grew by 3.5% compared with March 2025. March’s average asking price of $51,456 represents a 3.9% year-over-year increase.

Analysts note incentive spending increased for the second consecutive month, averaging 6.9% of ATP in February and 7.2% in March.

“Despite higher fuel costs, U.S. consumers stayed focused on larger segments in March. Buying behavior does not change quickly, and most Americans have ridden the gas-price rollercoaster before. They know where the ride ends,” Cox Executive Analyst Erin Keating writes in a release. “The numbers this month also show that the industry’s near-$50,000 ATP is reflective of a market that favors large, expensive vehicles. While affordable vehicles still exist, the demand continues to be concentrated in higher-priced segments.”

Read more at Cox Automotive