U.S. New-Vehicle Transaction Price Sets October Record at $51,109

The average transaction price for a new vehicle in the United States reached $51,109 in October, setting a record as the average manufacturer’s suggested retail price rose to $52,933.

The transaction price was up 2.1% from a year earlier. The average suggested retail price increased 2.4% over the same period.

The October record follows a third quarter in which the average monthly payment commitment on financed new-vehicle purchases reached $787, up from $777 in the second quarter and $756 a year earlier. Financed buyers committed to monthly payments of $1,000 or more in 21.2% of purchases, while 25.5% of financed purchases involved loans lasting at least 84 months.