Amid ongoing misinformation about new vehicle costs and the potential for further price hikes due to looming tariffs, a review of 2024’s final average transaction price data reveals a decade-long rise in prices, though recent growth has slowed. From 2015 to 2024, average prices for new passenger cars rose from $28,675 to $45,813, while light trucks climbed from $38,477 to $54,950.

However, increases from 2023 to 2024 were more modest—2.0% for passenger cars and 1.0% for light trucks—indicating a leveling off after sharp growth in prior years.

Notably, Quebec led national price growth with a 4.5% increase, driven by demand for more expensive zero-emission vehicles (ZEVs).

Despite some de-escalation in trade tensions, concerns over rising vehicle costs persist, with industry experts warning that price impacts from uncertain U.S. trade policy could still be significant.