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The Growth of New Car Prices in the U.S.

The Growth of New Car Prices in the U.S.

New car prices have soared in recent years.

As a result, those looking for a cheap new car have very few options in today’s market. While average transaction prices for new cars declined 1.4% year-over-year as of October, they have increased to an average price of $47,936—roughly a 60% increase over the last decade.

This graphic shows the steep rise in new car costs, with data from Cox Automotive.

Charted: Car Ownership Costs in America Skyrocket (2020–2023)

Car Ownership Costs in America Skyrocket (2020–2023)

Thinking of buying a vehicle soon? Rising car ownership costs might cause you to think again.

Owning a truck or car has become far more expensive than in the past, even as recently as three years ago.

We visualize data from the New York Times showing how inflation has impacted various aspects of vehicle ownership, based on the percentage change in the Consumer Price Index (CPI).

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