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Average New Car Price Hit $41K in May

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June 29, 2021—People are continuing to spend more and more money for new cars.

The average price paid for new cars and trucks purchased in the month of May hit $41,263, according to a Fox Business report citing Kelly Blue Book. That's an all-time high for the month of May and represents a 1.21 percent increase from the month of April and a 5.43 percent jump from May 2020. It also falls just short of the all-time monthly record of $41,335, which was set last December. 

The increase was consistent across all makes and size classes, with subcompacts leading the way with a near-4 percent increase. According to the report, the increase is due in part to the ongoing semiconductor chip shortage, which is causing shortages of "more popular styles and used cars."

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