U.S. average transaction prices increased by 2.5% for new vehicles between March and April, according to Kelley Blue Book (div. Cox Automotive), while Carfax reports used units enjoyed an unusually large “spring bounce.”

KBB analysts say new car buyers paid an average of $48,699 in March, a significant month-over-month spike; new vehicle prices were up just over 1% year-over-year.

“The month-over-month ATP increase of 2.5% was sharp, as April typically delivers a monthly increase of 1.1%. In the past decade, only April 2020 produced a larger month-over-month increase, at 2.7%,” the report states, in part.

Carfax data shows average used unit sale prices increased by nearly double the usual amount in April, led by trucks (2.1%), luxury SUVs (1.7%) and nonluxury SUVs (1.1%). Analysts blame production cuts and a run on new vehicles.

“Put those together, and consumers who can’t find the new cars they want will likely turn to the used-car market,” Carfax Editor-in-Chief Patrick Olsen writes. “And some consumers will continue to move quickly before anticipated higher prices hit.”

Read more at Cox Automotive and Carfax