Executive summary
U.S. new-vehicle prices in November held just under $50,000 as affluent buyers and a richer product mix continued to anchor the market. Incentives edged up from October but remained lower than a year earlier, while strong demand for full-size pickups contrasted with weakening electric-vehicle sales despite more generous discounts.
Prices and incentives
- Average transaction price (ATP): $49,814 (+1.3% year over year; flat vs. October’s $49,760).
- Average incentives: 6.7% of ATP (or $3,347) vs. 7.9% a year ago; up from 6.5% in October. Year to date, incentives average ~7.0% of ATP.
- Average MSRP: +1.7% year over year and +0.3% month over month; above $50,000 since April due to a richer mix.
- Seasonality: Prices usually peak in December as higher-priced vehicles comprise a larger share; a modest uptick is expected.
Mix shift and segments
- Full-size pickups: Average MSRP $70,178 (+1.8% YoY; little changed MoM); incentives steady at 8.4% of ATP. Sales: 182,000+ units, 14.2% of total market.
- Entry-level models: Vehicles under $30,000 were just 7.5% of sales (down from 10.3% a year earlier). Top sellers: Toyota Corolla, Chevrolet Trax, Hyundai Elantra.
- High-end: Vehicles with MSRPs above $75,000 represented 10.8% of sales.
- Buyer profile: Nearly half of buyers are 55+ and in peak earning years, skewing demand toward higher-end SUVs and trucks.
Electric vehicles (EVs)
- Average EV ATP: $58,638 (+3.7% YoY; -0.8% MoM).
- EV incentives: 13.3% of ATP (+20.1% vs. October; still 4.1% below last November).
- EV sales: Just over 70,000 units, down 40%+ year over year and ~5% vs. October; a second consecutive weak month.
Tesla highlights
- Average Tesla ATP: $54,310 (-1.7% YoY; +1.5% MoM).
- Sales: Down 22.7% year over year; second straight monthly decline.
- Model 3: Volume -42.1% YoY; -11.9% MoM.
- Model Y: Price +0.9% YoY and MoM; volume -0.5% vs. last November, +2.5% vs. October.
- Cybertruck: 1,194 units (lowest monthly volume of 2025); average price $94,254, higher than both a year earlier and October.
Market context and outlook
November’s plateau reflects a year of gradual price gains capped by a stabilized ATP just under $50,000, driven by a high share of premium SUVs and full-size trucks. Transaction prices remain below MSRPs as incentives partially offset elevated list prices. Given typical year-end mix, December is likely to see a slight price lift. A fuller EV sales readout is expected next week.
