On the Dash:
- New-vehicle prices remain near $50,000, with the November ATP at $49,814, reflecting strong demand for premium vehicles.
- Lower-priced vehicles continue to struggle, making up just 7.5% of sales, while high-end models and full-size pickups maintain elevated MSRPs.
- EV market shows weakness, with November EV sales down 40% year over year, even as incentives rise to 13.3% of ATP.
New-vehicle prices in the United States rose in November, continuing a slow, steady increase that has persisted for more than a year, according to Kelley Blue Book. The average transaction price (ATP) reached $49,814, up 1.3% from a year earlier and mostly unchanged from October’s $49,760. Prices are expected to rise in December, when higher-end models typically dominate sales.
The elevated pricing reflects a market shaped by wealthier buyers. Incentive spending averaged 6.7% of ATP, or $3,347, down from 7.9% a year ago but slightly higher than 6.5% in October. Incentives have averaged roughly 7.0% in 2025. The average MSRP rose 1.7% year over year and 0.3% month over month to $51,986, staying above $50,000 since April.
Full-size pickups led the high-end segment, with an average MSRP above $70,000 for the third straight month. November’s full-size pickup MSRP was $70,178, up 1.8% year over year and largely unchanged from October. Incentives accounted for 8.4% of ATP, and nearly 183,000 pickups were sold, representing 14.2% of all new-vehicle sales.
Lower-priced vehicles continued to struggle, as models under $30,000 accounted for 7.5% of sales, down from 10.3% a year ago. The Toyota Corolla, Chevrolet Trax, and Hyundai Elantra were the most popular in this range. Vehicles priced above $75,000 accounted for 10.8% of sales.
Conversely, the average EV price in November was $58,638, up 3.7% year over year but 0.8% lower than in October. Incentives rose to 13.3% of ATP, down 4.1% from last year but 20.1% higher than October. EV sales fell for the second consecutive month to just over 70,000, down more than 40% year over year.
Moreover, Tesla’s ATP was $54,310, down 1.7% year over year but 1.5% above October. The company’s sales declined 22.7% year over year, with Model 3 sales dropping 42.1% year over year and 11.9% month over month. Model Y prices rose 0.9% year over year and month over month, with sales 0.5% lower than last year but 2.5% higher than October.
The Tesla Cybertruck sold 1,194 units, its lowest monthly volume of 2025, with an ATP of $94,254, up year over year and from October.
Kelley Blue Book will release a full EV sales report next week as the industry heads into December, historically the peak month for high-priced vehicle purchases.
