Average New Vehicle Listing Price Hits $50,400 in April as Used-Car Prices Reach Highest Level Since Mid-2023

The average listing price for a new vehicle reached $50,400 in April, up 1 percent from a year earlier, according to CarGurus data. Used-car prices rose to nearly $30,000 in April, the highest level since August 2023. Car prices rose modestly in both the new and used markets.

"Prices have taken the spotlight again," Kevin Roberts, the director of economic and market intelligence at CarGurus, said in a press release. The share of sub-$60,000 vehicle inventory shrank by 2 percent in April, helping push average vehicle prices even higher. At the same time, inventory for new vehicles priced above $70,000 has increased.

U.S. market. The Mitsubishi Mirage, Nissan Versa and Kia Soul are no longer widely available. Models like the Nissan Sentra, Hyundai Elantra, Toyota Corolla and Honda Civic still start below or near $30,000, though such affordable options are becoming less common.

Americans continue to gravitate toward larger, more expensive trucks and SUVs. U.S. auto market has become increasingly dependent on wealthier households buying pricier vehicles.

Moody's said rising vehicle prices and consumers' preference for trucks and SUVs have reshaped the market in recent years. U.S. automakers, but ties performance closely to a narrow customer segment," Moody's stated.

Insider reported that this shift is reflected in the mix of vehicles appearing at American dealerships. Gas prices have been rapidly increasing since March. 98 on February 28, according to AAA.

52. As fuel costs rise, shoppers are turning toward hybrids and electric vehicles. Views of new EVs and hybrids accounted for 20 percent of shopper interest on the CarGurus platform in April.

Used EV sales rose 17 percent year over year in April while used hybrid sales jumped 29 percent. The market-day supply of new EVs has fallen 46 percent since February. Used EV prices have climbed nearly 7 percent since February.

Insider reported that supply of EVs has tightened sharply in recent months as demand has increased.