U.S. new-vehicle prices rose to an all-time high in December, with the Kelley Blue Book average transaction price (ATP) increasing +1.1% MoM and +0.8% YoY amid a strong mix of midsize SUVs and full-size pickups.

• The average new-vehicle ATP increased to $50,326 in December (record high), reflecting December seasonality and a sales mix skewed toward higher-priced vehicles.

• The average new-vehicle MSRP (asking price) also set a record at $52,627, up +1.2% YoY, and has remained above $50,000 for eight consecutive months, indicating sustained pricing elevation.

• Incentives rose to 7.5% of ATP (highest of 2025), up from 6.7% in November (+10.7% relative increase MoM), but remained below 7.9% in December 2024, suggesting more discounting sequentially but less than a year ago.

• Full-size pickups were a major driver of the higher overall ATP, with more than 233,000 units sold (best month in five years) and an average pickup ATP of $66,386, slightly below the record set in October 2025.

• Cox Automotive estimated combined retail and fleet revenue for full-size pickups surpassed $15B for the first time, underscoring how high-volume, high-price truck sales boosted aggregate pricing.

• Luxury purchasing also contributed to the strong mix, with nearly 20% of shoppers buying luxury vehicles in December (a 2025 peak), excluding high-end pickup volumes.

• New EV ATPs were $58,034 in December, up from $56,691 a year earlier (+2.4% YoY) but modestly lower vs November, indicating slight sequential softening despite higher annual pricing.

• EV incentives jumped to 18% of ATP (record territory), helping lift EV sales to over 84,000 units (best since government-backed sales incentives were revoked), pointing to incentives playing a meaningful role in supporting demand.

• Tesla’s ATP averaged $53,680 (-2.9% YoY) and was also down MoM, while Tesla incentives rose sharply to 19.5%, more than double year-earlier levels, indicating heavier discounting pressure.

• Total EV sales in 2025 were ~1.28M units, down -2% YoY, with Cox expecting mostly flat EV sales in 2026 amid new model launches and improving charging infrastructure.