New-Car Prices Hit $51,109 as Monthly Payments Set Records

Cox Automotive, citing Kelley Blue Book data, said transaction prices rose 2.1% from a year earlier—slower than overall consumer-price inflation. The average manufacturer’s suggested retail price climbed 2.4% to $52,933. Motor1 attributed the record transaction price in part to buyers’ continued preference for larger, more expensive vehicles, especially midsize SUVs and full-size pickup trucks.

Edmunds’ third-quarter report put the average monthly payment for a new car at $787, up from $777 in the second quarter and $756 a year earlier. Used-car payments averaged $582, compared with $566 a year earlier. Among buyers financing new cars, 21.2% took on monthly payments of at least $1,000, while 25.5% signed loans of 84 months or longer. Both shares were records, Edmunds reported.

The average amount financed for a new vehicle reached $44,664, with an average annual percentage rate of 7%. Jessica Caldwell, Edmunds’ head of insights, described consumers as resilient in a “very stretched financing landscape.” She said buyers were responding to record payments and longer loan terms by devoting more household income to vehicles, extending repayment periods and shopping more actively for financing rather than stepping away from the market.

The article also points to a possible shift toward simpler, lower-cost vehicles. Toyota plans to begin producing affordable mini trucks at its Indiana plant in the second half of 2027.