Average new car price in the U.S. hits $48k

According to the latest market study by Edmunds, the average transaction price on the new vehicle market in the United States has reached $48,000.

This runs afoul of most customers’ expectations, because people typically expect to hand over $35,000 at most for their new car. This corresponds to the average transaction value from six years ago.

With the prices climbing up, more than a half of the respondents admitted to Edmunds that they needed a second job just to save up enough for a new car.