NEW YORK, NY. (WOWO) New car prices in the U.S. have reached a historic high, with the average new vehicle selling for $49,105 in October, according to data from Edmunds. The figure marks a 3.1% increase from one year ago and continues a multi-year trend of rising costs across nearly every vehicle segment.

Industry analysts say higher electric-vehicle sales contributed to the jump, as EVs typically carry higher sticker prices. But the increases extend across the board.

“There’s virtually no vehicle you can buy today that is cheaper than it was a year ago or even five years ago,” said Ivan Drury, Edmunds’ director of insights. He noted that many buyers returning to dealerships with trade-ins from 2019 or 2020 are experiencing significant sticker shock.

Average monthly payments rose as well, hitting $766, up more than 3% from last year. Interest rates on new auto loans dipped slightly to 6.9%, but remain far higher than rates buyers saw several years ago. Financing a typical new-car loan of about $43,000 over 72 months now results in roughly $9,500 in interest paid over the life of the loan.

Dealers have increased discounts as they work to move vehicles that are sitting on lots for an average of 60 days. The average discount in October was $2,240, up from earlier in the year, but still modest compared to rising prices.

Despite these efforts, affordability remains a challenge for many buyers, and analysts expect elevated prices to continue into 2026 unless interest rates fall further or inventory levels shift significantly.