CarGurus Mid-Year Report: New Car Prices Hit $50,900; Used Hybrid Listings Up 34%
CARG•CarGurus reported average new car list prices hitting $50,900 this spring, up 3.3% since December, with inventory above $50,000 now exceeding sub-$35,000 stock. Used hybrid listings have surged 34% year-to-date, pushing average prices to a record $38,800 while luxury SUVs priced above $80,000 clear lots in under 30 days.
1. New Vehicle Pricing Trends
Average new car list prices reached $50,900 this spring, representing a 3.3% increase since December. Inventory priced above $50,000 now exceeds listings under $35,000, indicating a lasting shift toward higher-priced models.
2. Luxury SUV Sales Surge
Full-size luxury SUVs priced above $80,000 are clearing dealer lots in under 30 days, with turnover improving 16% year-over-year to an average of 53 days versus 65 days last year. Cadillac Escalade and Toyota Sequoia lead this segment.
3. Growing Older, High-Mileage Market
The share of used vehicles aged seven years or older climbed to 40%, up from 32% in 2020, while models with 60,000 to 150,000 miles saw sales rise 16%, led by the Ford F-150, Chevrolet Silverado 1500 and RAM 1500 averaging around $20,000.
4. Clean Powertrain Demand Peaks
Used hybrid sales jumped 34% year-to-date, pushing average list prices to an all-time high of $38,800. Demand for used EVs has also strengthened, concentrated in the $25,000 to $31,000 price range with models like the Hyundai Ioniq 5 and Chevrolet Equinox EV leading.
