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.
