New car prices soar to historic high as buyers face mounting sticker shock

Car prices are trending up and the average cost of a new car is at an all-time high, approaching the $50,000 mark for the first time.The average transaction price for a new vehicle in October was $49,105, according to data from Edmunds. That represents a year-over-year increase of 3.1%."This has been something that we've all been waiting for, I don't think anyone was ever expecting the number to go down," Ivan Drury, director of insights at Edmunds, told FOX Business. "It coincided with a high share of EVs being sold, so naturally, EVs being more expensive it kind of pushed us over the edge.""