Vehicle research site The Beep has shared data with Fleet Auto News, outlining an increase in average new car prices across 2024 – with the average new car price in Victoria now sitting at $103,498.
“Despite the budget EVs and competitively priced ICE vehicles entering the market, the average price has risen from $102,057 in January 2024 to $103,498 in January 2025,” said The Beep Co-founder, Robert Leigh.
“These increases are driven by various things, like premium positioning from brands like Hyundai, range-wide price increases from brands like mercedes-Benz and BMW, and the removal of entry-level models as brands like Toyota move to hybrid-only models.”
Of all the brands analysed, Toyota saw the largest average price increase across its lineup, now at $67,077 up from $58,814 this time last year (up 14%). The increased average price can be attributed to the shift to hybrid-only models like the C-HR, Camry and Corolla.
Other significant price increases came from brands like Ford which lost its budget Escape and Puma models, Lexus which added higher-spec model grades, and Hyundai with the Santa Fe taking on a premium positioning.
Some brands, however, simply increased pricing across models contributing to their average vehicle price, like BMW (up 4.9%) and Mercedes-Benz (up 1.9%).
Meanwhile, some brands presented significant reductions in new car pricing. Peugeot heavily discounted models to achieve a 10.9% price reduction across its range, while Tesla’s average price dropped by 10.2%.
Across BYD’s range the average cost is now $49,468, compared with $54,311 a year ago (down 8.9%) and the Polestar average price is now $103,121 down from $106,468 in January last year.
Other brands that have seen a reduction in average price are Honda, Audi, Subaru, MG, Skoda and Jeep – among others. Many of these price drops related to portfolio consolidation and run-out pricing, though.
The Beep has continued to expand its functionality since launching in March, offering free data for users to track market trends and compare more than 1,000 new car models. Users can compare specifications across models, looking at engine and drivetrain details, performance metrics, fuel consumption figures, electric range capabilities, ANCAP safety ratings and of course pricing data.
Users are given the option to filter by body style, price range or fuel type to track pricing data like drive-away price, high and low points and fluctuations, across 40 brands and more than 1000 models.
Until The Beep burst onto the scene earlier this year, data like this was typically hidden behind a paywall, not accessible to the general public.
