Sticker shock: Average price of a new car tops $50,000 for first time

(NewsNation) — A new car will now set you back more than $50,000, a milestone that highlights America's widening economic divide.

New car buyers paid an average of $50,080 in September, marking the first time that figure has crossed the $50,000 threshold, according to Cox Automotive's Kelley Blue Book.

Last month's record average transaction price was 3.6% higher than a year ago, with luxury buyers fueling much of the increase.

"Today’s auto market is being driven by wealthier households who have access to capital, good loan rates and are propping up the higher end of the market," Cox Automotive executive analyst Erin Keating said in a statement.

Hefty tariffs and a surge of new electric vehicle buyers rushing to claim expiring tax credits also contributed to the rise. Last month, the