The average transaction price for a new vehicle sold in the U.S. last month was $49,461, an increase of 0.7% from March and 1.8% from April 2025, according to Kelley Blue Book (div. Cox Automotive).

Trucks and SUVs are largely to blame, analysts say, pointing to the compact car segment’s April ATP of $27,590, a 1% year-over-year increase. Incentive spending for all segments ticked up from 6.8% to 6.9% of ATP in the same time frame.

In a release, Cox Executive Analyst Erin Keating says the April report tells a “mix-driven” story, noting the high-volume truck and SUV segments belie an otherwise normalizing pricing environment.

“What’s more interesting is that while year-over-year price growth may be returning to pre-pandemic norms, the market itself hasn’t,” Keating writes. “Today’s pricing is being supported more by supply discipline and mix than demand strength, which is why volume is absorbing more of the pressure.”

Read the full report at Kelley Blue Book