To say that new vehicle shoppers have faced a challenging market over the last few years would be an understatement. High average transaction prices (ATP) coupled with skyrocketing interest rates due to sustained high demand make it difficult to see the light at the end of the tunnel. In fact, ATPs across the board have either increased or, at best, stayed largely the same, and that’s certainly been true of Lincoln in recent months. That trend continued in May 2025, too, as Lincoln ATPs stayed the course in the U.S. last month.
According to new data from Cox Automotive, the average new Lincoln buyer shelled out $69,374 last month. That represents a marginal decrease from April 2025, during which Lincoln ATP clocked in at $69,693, a difference of 0.5 percent month-over-month. Compared to one year ago, May ATP actually represented a 6.8 percent increase, up from $64,973.
Cox also noted that luxury car and luxury subcompact SUVs exhibited price hikes on a month-over-month basis. Incentive spending, however, slipped slightly, down from six percent of ATP in April to 5.9 percent of ATP in May.
Across the board, industrywide ATPs also stayed the course. New buyers paid $48,799 on average during May 2025, which is right on par with the $48,811 ATP recorded in April 2025. When compared to May 2024, though, new vehicle prices exhibited a minor one percent increase from $48,319 reported last year.
Lincoln’s mass-market sibling, Ford, also saw its ATPs hold steady during May 2025. Buyers paid $54,264 for a new Ford vehicle on average, up 0.3 percent month-over-month, but down 2.6 percent year-over-year.
“While tariff policy is adding uncertainty to the new-vehicle market, prices are holding remarkably steady, a reminder that auto industry change is often slow,” said Erin Keating, Executive Analyst at Cox Automotive. “Many automakers are keeping true to a promise to hold the line on pricing, at least in the near term. We are still expecting prices to move higher through the summer, as the inflationary impact of tariffs begins to hit. Right now, we believe dealer profitability is being squeezed, as costs on many products are going up, but raising retail prices in this environment is a real challenge.”
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