As luxury-brand vehicles continue to swell the market, the average price for a new car in the U.S. has modestly declined, signaling an increased desire for consumer affordability after average vehicle prices hit record highs in 2022.in February 2024, according to Kelley Blue Book. This is a sharp contrast to three years ago when 29 different vehicles routinely held average transaction prices below that benchmark.
Cost-to-drive estimates are based on 15,000 miles per year using each car's combined miles per gallon and energy estimates of $3.42 per gallon of regular unleaded gas. For EVs, cost-to-drive estimates are based on 15,000 miles per year as well as the vehicle's energy consumption and the cost of electricity per kWh. The U.S. average cost of electricity for February 2024 was used in these calculations. Data is for 2024 models where available, and 2023 models in cases where it was not.