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Published: Dec 12, 2022 5 min read
Illustration of a car that has been propped up by dollar signs
Money; Getty Images

The average price paid for a new car just reached an all-time high. But the rising average may be more an indication of what kind of vehicles shoppers are buying rather than people getting ripped off at the dealership.

Car prices are generally trending higher as more Americans opt to buy expensive luxury vehicles, a new report from Kelley Blue Book shows. As for non-luxury vehicles, prices have generally been stable or even declined in November.

The average transaction price for new vehicles was $48,681 in November, beating the previous record high of $48,301, from August. Average new car prices increased by $422 in the past month and are up $2,250 in the past year.