New US Car Prices Decline 3.5 Percent, EV Prices Drop 10.8 Percent: Report

New vehicle prices across the United States dipped over three percent in the past year as sellers offered more incentives to spruce sales. The average transaction price (ATP) of a new vehicle was $47,401 in January 2024, a “remarkable” 3.5 percent decline from the same month last year, according to an analysis by automotive research company Kelley Blue Book. The decline was attributed to automakers and dealers providing higher discounts in a bid to keep up the pace of sales. Even with lower prices, the sales pace was 15 million in January this year, down from 16.1 million in December. In January, discounts and incentives were higher than in December and were almost double compared to a year back....