New Car Prices Hit New All-Time High In November

MIAMI (CBSMiami) -- New car prices have hit a new all-time high.

According to Kelley Blue Book, the average price of a new vehicle topped $46,000 in November. That's up more than 13 percent from the same time a year ago.

And while high prices are the norm, sales are down due to a vehicle shortage.

November was the sixth straight month of volume declines and November hit the lowest level since April 2020, when the global pandemic first shut down the economy.

"High prices and limited choices likely are keeping many car buyers on the sidelines," said Kayla Reynolds, analyst for Cox Automotive. "It's still a seller's market, and we don't expect things to change anytime soon. However, with high prices being the norm right now for both new and used vehicles, that means trade-in values are very favorable and can help soften the blow for consumers as they purchase their next vehicle."

The average price paid for a new non-luxury vehicle last month was $43,144, also a record high and more than $900 over sticker. For each of the last six months, the average price paid by consumers was above the MSRP.