In just 13 years, the average transaction price of a new vehicle in the U.S. has leaped 55%, surpassing $50,000 for the first time last month, due largely to luxury units and electric vehicles.

The Cox Automotive analysis of transaction data shows September’s average hit to American wallets at $50,080. The manufacturer’s suggested retail price also hit a record at $52,183.

Prices have been on the upswing for more than a year, Cox said, but inflation acceleration really started during the pandemic.

The ATP milestone reflected a 2% month-over-month jump and about a 4% year-over-year increase, the latter the biggest bump since the spring of 2023, Cox said. It estimates that EVs represent about 12% of September sales, another record despite their estimated $58,124 ATP as consumers rushed to buy while federal tax credits were still in effect.

Incentives rose modestly to 7.4% of the ATP, the highest of the year so far, while EV incentive spending fell to 15.3% of the segment’s ATP, Cox said.

Luxury sales were particularly helped along by a wide selection. Cox counted over 60 models whose ATPs exceeded $75,000, making for sales of almost 94,000 units, or 7% of total deliveries, a 6% year-over-year bump.

Despite U.S. trade tariffs, sales have been healthy so far this year, buoyed by both the EV rush and the luxury shopping spree.

“Today’s auto market is being driven by wealthier households who have access to capital, good loan rates and are propping up the higher end of the market,” said Cox Executive Analyst Erin Keating in the September report, pointing out that the best-selling vehicle in the U.S. is a $65,000-plus Ford truck.

“That’s today’s market, and it is ripe for disruption,” she added.

LEARN MORE: Corvette to Sell for a Pretty Penny