The average cost of a new vehicle is $48,759, and the average cost of a used car is $26,446. At most, consumers are willing to spend an average of $21,310 on a new or used car. The full-size SUV is the most expensive new vehicle body type, at an average of $72,405.

The average cost of owning a car in the U.S. has risen to $12,182 per year ($1,015 per month), according to a 2023 American Automobile Association (AAA) report. This marks a significant 13% increase from the 2022 average of $10,728 annually ($894 per month).

According to the latest report from Kelley Blue Book, the average transaction price for a new car in the U.S. as of July 2024 is $48,401, slightly down from the previous month’s $48,424 average. This decline continues the downward trend from the December 2022 peak of $49,929.

The average cost of new cars is now well over $48,000—up almost $6,000 from two years ago and about $10,000 from September 2020, according to Kelley Blue Book. That figure largely tracks with inflation, but there are many other factors at play.

According to the most recent data from Cox Automotive, the average transaction price for new cars is $48,978. That’s down 3% from the peak of $49,929 in December 2022. New car prices increased slightly in December.