The monthly new-vehicle average transaction price (ATP) report from Cox Automotive’s Kelley Blue Book shows new-vehicle ATP increased in April to $48,699.

The month-over-month ATP increase of 2.5% was sharp, as April typically delivers a monthly increase of 1.1%. In the past decade, only April 2020 produced a larger month-over-month increase, at 2.7%.

New-vehicle prices in April were higher year over year by 1.1%, an increase below long-term averages but higher than in recent months. According to Kelley Blue Book estimates, over the long term, new-vehicle prices typically rise more than 3% year over year. Since April 2023, however, as new-vehicle inventory recovered from the COVID-era shortage, new-vehicle prices have been mostly flat year over year.

The new-vehicle sales pace in April was 17.3 million. The sales pace was lower than March but the strongest April since 2021. Amid the buying frenzy, new-vehicle sales incentives fell to 6.7% of ATP, down from 7.0% in March and at the lowest point since the summer of 2024. Prior to April, the six-month average was 7.4% of ATP.

The Compact SUV segment, one of the most popular segments and one highly exposed to new import tariffs, saw vehicle prices that were mostly flat month over month and year over year at $36,416. Incentives and discounts, however, declined in April to 7.8% of ATP, down from 8.2% in March. Since April 2024, incentives in the Compact SUV segment have averaged 9.1% of ATP. Similarly, in the Subcompact SUV segment, April transaction prices held mostly steady month over month, but incentives also declined.

Among core volume brands, the results in April were mixed. Audi, Land Rover and Volvo saw higher ATPs and lower incentives compared to March. Three General Motors brands – Cadillac, Chevrolet and GMC – also posted higher ATPs, with little change to incentives. On the other hand, Buick saw lower prices and higher incentives in April. Acura and BMW also held prices lower and increased incentive spending compared to March.

In April, Ford advertised heavily on a message of “holding prices steady” and celebrated its “built in America” leadership. And Ford brand prices and incentives in April were mostly unchanged compared to March, according to Kelley Blue Book data. One standout: The popular, Mexico-built Maverick pickup truck saw lower prices in April, and incentive spending increased to an all-time high of 6.6% of ATP. Sales were strong: A record 20,183 were sold in April.