Average new car transaction price hits a record $45,031

The average transaction price for a new vehicle in America hit a record of $45,031 in September. It's the sixth consecutive month of record vehicle prices, according to Kelley Blue Book. That price represents a 12.1% increase (or $4,872 in cold, hard cash) over the same month a year ago and a 3.7% increase over the prior month.

(The federal government, meanwhile, calculates new-car prices are up 8.7% year over year.)

The reasons for the rapidly increasing prices of new vehicles are well documented, with inventory shortages caused by a lack of microchip availability cited as the latest problem. Last month, however, consumer buying preferences were also to blame; KBB reports that "the vehicle mix shifted in September away from lower-priced sedans, compacts and entry-level segments toward more-expensive pickups, SUVs and the luxury market."