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The price of the average new car in America sat 6.1% higher at the end of September than it did one year before, partially due to inflation. But another factor is driving prices to new highs: Americans are choosing more expensive cars.
Luxury vehicles made up nearly 18% of new car sales in September. That’s almost 3% higher than two years ago and up more than 5% from a decade before. We’ve seen a higher percentage only twice — in December 2021 and June 2022.
American car shoppers’ tastes have changed, with SUVs making up a greater percentage of new car sales than ever before. Compact and midsize SUVs, combined with full-size pickups, make up nearly half of new vehicle sales.
See: Finally, new car inventory is up; what it means for car shoppers
But our taste for luxury cars is also growing. According to Kelley Blue Book’s parent company Cox Automotive, the average car payment was $738 in September.
Here’s how much luxury car sales have increased in the past decade:
Date
% of New Car Sales from the Luxury Classes
September 2012
12.60%
September 2013
13.46%
September 2014
13.42%
September 2015
13.03%
September 2016
13.76%
September 2017
13.34%
September 2018
14.99%
September 2019
15.52%
September 2020
15.12%
September 2021
17.31%
September 2022
17.99%
This story originally ran on KBB.com.
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