The average price of new cars in the United States has exceeded $50,000 for the first time, with the surge in sales of electric vehicles being the main driver.

Due to the surge in sales of high-priced electric vehicles and luxury car models, the average selling price of new cars in the United States surpassed the $50,000 mark for the first time last month. According to research data released by the automotive buying guide Kelley Blue Book (KBB) on Monday, the average selling price of new cars in the United States in September was $50,080, an increase of 3.6% year-on-year. Record-breaking sales of electric vehicles (mainly driven by the expiration of the $7,500 federal tax credit) pushed prices to historical highs, further exacerbating the affordability crisis in the automobile market. Erin Keating, executive analyst at Cox Automotive, the parent company of KBB, said: "Models priced around $20,000 are now almost extinct, many budget-conscious consumers are forced to exit the market or turn to the used car market. The current automotive market is predominantly led by affluent households." Over the past five years, the price of new cars in the United States has risen by more than 25%, as American consumers increasingly prefer to purchase high-priced trucks and SUVs rather than choosing the economy models that once provided entry opportunities for young people. According to data from research firm S&P Global, more and more consumers are either buying used cars or extending the lifespan of their old cars - the average age of cars on the road in the United States is now over 12 years. Meanwhile, consumers who still buy new cars often extend their loan terms to seven years or even longer. According to data from research firm Edmunds.com, the average monthly payment for new car loans in the United States in the third quarter of this year was $754, with one-fifth of new car buyers paying over $1,000 in car loan payments each month. In September, in order to qualify for subsidies before the federal tax credit expires, consumers sparked a wave of electric vehicle purchases, further driving up overall prices. This sales frenzy pushed the market share of electric vehicles in the US new car market to a record high of 12%. According to KBB data, the average selling price of electric vehicles in that month was $58,124. Luxury car models also sold well in September. KBB stated that there were over 60 luxury car models with an average selling price exceeding $75,000 in that month, accounting for 7.4% of the total sales in the US new car market, higher than the 6% from a year ago. Analysts pointed out that the inflationary effect of the tariffs imposed by US President Trump has not yet fully materialized, and currently, automakers are absorbing most of the costs. However, ultimately, to maintain profits, manufacturers may have to pass on these costs to consumers. Erin Keating said, "Tariffs have indeed brought new cost pressures to the automotive industry, but the price trends in September were mainly driven by a healthy combination of electric vehicles and high-end models."