"That's really concerning because what that means is that only wealthier Californians are going to be able to enter the new car market, said Brian Maas, president of the California New Car Dealers Association. And that's not good for the industry, it's not good for consumers, it's not good for dealers, it's not good for the automakers. We need a broad range of consumers to be in the new car market and if only wealthy folks are buying those cars, that's a concern."
"The average price has been on a steady rise for years and analysts with Cox Automotive, which owns Kelley Blue Book, attribute the most recent increase to a combination of factors. That includes tariffs imposed by the Trump administration, but they said prices in September were mostly driven by a healthy mix of electric vehicles that tend to be more expensive than gasoline-powered cars and trucks plus higher-end vehicles that pushed the average price to new heights."
The average transaction price for a new vehicle in the U.S. reached $50,080 in September, up 2.1% from August and 3.6% year-over-year. Cox Automotive and Kelley Blue Book point to a mix of factors including tariffs, a higher share of electric vehicles, and more high-end models as primary drivers of the increase. Dealers in California warn that rising prices will limit new-car purchases to wealthier buyers, harming consumer access and dealer volume. The best-selling vehicle remains a Ford pickup that often sells for over $65,000, underscoring elevated market pricing and potential disruption.
Read at www.sandiegouniontribune.com
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