The automotive industry has always been subject to economic trends and shifting consumer preferences. However, the last five years have been a whirlwind of unprecedented change. Across the new car market, average transaction prices have increased by 34% from Q4 2019 to Q4 2024. The average selling price for a new car now stands at $49,740. But some automakers seem to have thrown caution to the wind, pushing their prices far higher. Here’s a look at car price inflation over the last five years, from the highs of the market to the last vestiges of affordability.
Hyundai and Kia Prices Jump 36% in 5 Years
Leading the pack in price hikes is the Hyundai Motor Group, which includes Hyundai, Kia, and Genesis in the United States. The average transaction price for Hyundai Motor Group has increased by 36% from Q4 2019 to Q4 2024, which is quite a bit higher than the overall economy’s inflation (23.0%) over the same period.
Honda prices increased by 35% from 2019 to 2024 as MSRPs increased and buyers showed increasing preference for larger SUVs. But make no mistake: Honda prices have risen. Honda’s best-seller, the CR-V crossover, saw base MSRPs jump from $25,345 in 2019 to $31,450 in 2025.
Stellantis and Toyota are next in line, each with 31% price inflation from 2019 to 2024. Every mainstream car brand except Nissan, Subaru, and Mazda exceeded the overall rate of inflation over the past five years.
The notable difference between Stellantis brands and other leaders like Honda, Hyundai, and Toyota is in sales trends. While Stellantis has fallen sharply, Hyundai, Kia, Honda, and Toyota have steadily risen in both sales and market share.
Subaru, Nissan and Mazda Prices Increased the Least
Contrasting the trend, Subaru seems to have taken a different strategy. With a five-year transaction price increase of ‘only’ 14%, well below the pace of overall inflation during the period. Subaru has managed to maintain an upward trajectory in terms of market share. This gain, paired with standard offerings like all-wheel drive, could be a testament to the importance of price competitiveness in the industry.
Nissan, on the other hand, has likely seen less price increases for a different reason. Nissan has been losing U.S. market share for years as Toyota, Honda, Hyundai, and Kia win over budget shoppers. When demand falls, dealer markups and MSRPs soften. Since 2019, Nissan transaction prices have risen 19%. And now, one of the most popular and least expensive models, the Altima, has been discontinued after three decades.
Mazda prices increased by only 20% from 2019 to 2024, even as the more expensive CX-70 and CX-90 joined the lineup.
Luxury Car Prices Have Risen 25%
To the detriment of vehicle affordability, luxury cars are more popular than ever. More drivers are paying over $80,000 for a new car or truck than ever before. Oddly enough, luxury car prices haven’t climbed quite as much over the past half-decade. While mainstream car brands saw prices climb 27%, luxury brands increased by 25% from Q4 2019 to Q4 2024.
Here’s a look at how the ten best-selling luxury brands in America compare. Note that Tesla, which was the luxury sales leader in 2024, is not included due to lack of publicly-available data.
Prices for new Mercedes-Benz, Land Rover, ad Acura cars have risen more drastically compared to their luxury competition. All of these luxury cars now sell for at least $10,000 more than the did just five years prior.
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