As luxury-brand vehicles continue to swell the market, the average price for a new car in the U.S. has modestly declined, signaling an increased desire for consumer affordability after average vehicle prices hit record highs in 2022.
Only 9 out of 275 new car models had an average transaction price below $25,000 in February 2024, according to Kelley Blue Book. This is a sharp contrast to three years ago when 29 different vehicles routinely held average transaction prices below that benchmark. Affordability will be key to first-time buyers as auto loan interest rates and car insurance costs remain high across the country.
Electric vehicles have also continued to gain popularity across the U.S. in 2023. The Tesla Model Y was the bestselling vehicle in seven states last year while EV sales grew 60% in the United States from 2022. Meanwhile, full-sized trucks and SUVs continued to dominate as the top-selling vehicles in the majority of the country.
To help analyze the auto market landscape, Cheap Insurance compiled a ranking of the bestselling cars in the U.S. using 2023 data from Edmunds.
Cars were ranked based on the number of new vehicle registrations to individuals in 2023. (Edmunds doesn’t provide this exact metric, but the ranking is based on IHS Markit data collected through 2023.) The price range reflects the base MSRP for various trim levels, not including options or fees. Combined fuel economy is based on a mix of 55% city and 45% highway driving. EV range is the number of miles an electric vehicle can travel on a fully charged battery on a mix of city and highway driving, according to Edmunds. For gas-powered vehicles, cost-to-drive estimates are based on 15,000 miles per year using each car’s combined miles per gallon and energy estimates of $3.42 per gallon of regular unleaded gas. For EVs, cost-to-drive estimates are based on 15,000 miles per year as well as the vehicle’s energy consumption and the cost of electricity per kWh. The U.S. average cost of electricity for February 2024 ($.173 per kWh, according to the Bureau of Labor Statistics) was used in these calculations. Data is for 2024 models where available, and 2023 models in cases where it was not.
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#10. Tesla Model 3
– EV range: 261 miles
– Cost to drive: $54/mo
– Price range: $38,990 – $45,990
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#9. Toyota Tacoma
– Combined MPG: 23 miles per gallon
– Cost to drive: $188/mo
– Price range: $33,700 – $52,100
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#8. Toyota Camry
– Combined MPG: 32 miles per gallon
– Cost to drive: $130/mo
– Price range: $26,420 – $36,845
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#7. GMC Sierra
– Combined MPG: 20 miles per gallon
– Cost to drive: $216/mo
– Price range: $43,400 – $82,500
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#6. Ram 1500/2500/3500
– Combined MPG: 22 miles per gallon
– Cost to drive: $192/mo
– Price range: $41,320 – $96,340
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#5. Honda CR-V
– Combined MPG: 30 miles per gallon
– Cost to drive: $139/mo
– Price range: $29,500 – $40,200
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#4. Tesla Model Y
– Combined MPG: Data not available
– Cost to drive: Data not available
– Price range: $43,990 – $52,490
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#3. Toyota RAV4
– Combined MPG: 30 miles per gallon
– Cost to drive: $140/mo
– Price range: $28,675 – $38,380
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#2. Chevrolet Silverado
– Combined MPG: 20 miles per gallon
– Cost to drive: $216/mo
– Price range: $42,500 – $69,900
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#1. Ford F-Series
– Combined MPG: 20 miles per gallon
– Cost to drive: $216/mo
– Price range: $43,515 – $77,980
Photo selection by Lacy Kerrick.
This story originally appeared on Cheap Insurance and was produced and
distributed in partnership with Stacker Studio.
