The transaction price for a new vehicle has increased more than 14 percent on average over the last year, according to a report by a prominent automotive research company, which said that the record price hike was mostly due to supply constraints and luxury vehicle sales.
“New-vehicle average transaction prices (ATPs) increased further into record territory in December 2021 to reach $47,077,” said the Kelley Blue Book report published Tuesday. The price went up by $5,724 from December 2020, and registered a month-over-month increment of 1.7 percent, or $808.
