New-vehicle prices are holding steady around $50,000 according the latest Kelley Blue Book November sales data. KBB says this reinforces a trend that has defined much of 2025 - an auto market driven by affluent households willing to spend more for trucks, SUVs, and premium features.
According to KBB's latest Average Transaction Price (ATP) Report, published by Cox Automotive, the November ATP came in at $49,814. That was essentially unchanged from October’s $49,760 and up 1.3 percent from November 2024. The average manufacturer’s suggested retail price also nudged higher, reaching $51,986, a 0.3 percent rise from a month earlier and 1.7 percent higher than a year ago.
Analysts emphasized that today’s ATP reflects consumer choice more than inventory constraints. While incentives have crept upward and new-vehicle supply has stabilized, shoppers with higher incomes are still selecting better-equipped vehicles at higher price points. As KBB executive analyst Erin Keating noted, “It’s important to remember that the KBB ATP reflects what consumers choose to buy, not what’s available.” That distinction is key in a market where lower-cost sedans and entry-level models have been steadily losing share.
Full-size pickups once again carried a disproportionate share of the market’s pricing power. Their average MSRP in November stayed above $70,000 for the third straight month, landing at $70,178. Incentives averaging 8.4 percent of ATP helped drive nearly 183,000 full-size pickup sales in November, representing 14.2 percent of total industry volume. These trucks continue to function as both work tools and luxury vehicles, often equipped with technology, towing capability, and comfort features that push prices well beyond the segment’s historical norms.
At the opposite end of the spectrum, the supply of truly affordable vehicles continued to shrink. Cars with MSRPs under $30,000 accounted for just 7.5 percent of November sales, down from 10.3 percent a year earlier. Cox Automotive analysts said this decline reflects a combination of rising production costs, shifting consumer preferences, and automaker decisions to prioritize higher-margin models. Vehicles priced above $75,000, meanwhile, have gained share, outpacing the lower end of the market and underscoring the growing influence of buyers who are less sensitive to price increases.
Electric vehicles experienced another month of declining sales. Initial estimates put November EV volume at just over 70,000 units, down more than 40 percent from November 2024 and about 5 percent lower than in October. Despite slower sales, EV buyers who remained in the market paid more per vehicle. The average EV ATP rose to $58,638, a 3.7 percent increase over the past year. Incentives rose to 13.3 percent of ATP, higher than in October but still slightly lower than last year’s levels, reflecting a market where automakers are working to maintain interest without significantly eroding margins.
Tesla’s results followed a similar pattern. KBB reports the brand’s ATP reached $54,310 in November, down 1.7 percent from a year ago but narrowly higher than October. Tesla sales fell 22.7 percent year over year, but the decline was not as steep as the broader EV segment’s slump. The Cybertruck remained a weak contributor, recording just 1,194 units sold in November—its lowest monthly volume of 2025. The vehicle’s ATP, however, continued to rise, reaching $94,254 as the model remained largely in the hands of early adopters willing to pay near its upper price bands.
Cox Automotive analysts said the composition of today’s vehicle-buying public explains much of the pricing stability. Higher-income buyers, who represent a significant share of current demand, continue to prioritize comfort, technology, and performance rather than seeking the lowest possible transaction price. These buyers often finance or lease vehicles with high MSRPs, supporting a richer mix of premium models in dealer inventories. As long as this demographic remains active, analysts says they expect overall ATP trends to stay elevated.
Looking ahead, historical patterns suggest prices may rise again in December. Year-end transactions often involve well-equipped vehicles and aggressive retail activity, conditions that typically push ATPs to their annual peaks. Cox Automotive noted that November’s stable pricing, combined with a market skewed heavily toward premium products, could set the stage for another month of upward pressure.
All figures are based on Kelley Blue Book estimates included in Cox Automotive’s November 2025 ATP Report.
Data tables are available for download.
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