finance
Average New Vehicle Listing Price Hits $50,400 in April as Used-Car Prices Reach Highest Level Since Mid-2023
CarGurus data shows average new vehicle listing prices rose 1 percent from a year earlier while used car prices reached nearly $30,000. Gas prices have surged from $2.98 per gallon in late February to $4.52, boosting shopper interest in hybrids and EVs. Moody's analysis indicates the U.S. auto market now relies more heavily on wealthier buyers of pricier trucks and SUVs.
May 12, 7:00 AM·1m read1 source
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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.
