(Stacker) – 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.

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 Arizona using 2023 data from Edmunds based on a national analysis.

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.

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.

#5. Honda CR-V

• Combined MPG: 30 miles per gallon
• Cost to drive: $139/mo
• Price range: $29,500 – $40,200

#4. Toyota RAV4

• Combined MPG: 30 miles per gallon
• Cost to drive: $140/mo
• Price range: $28,675 – $38,380

#3. Tesla Model Y

• EV range: Data not available
• Cost to drive: Data not available
• Price range: $43,990 – $52,490

#2. Chevrolet Silverado

• Combined MPG: 20 miles per gallon
• Cost to drive: $216/mo
• Price range: $42,500 – $69,900

#1. Ford F-Series

• Combined MPG: 20 miles per gallon
• Cost to drive: $216/mo
• Price range: $43,515 – $77,980

This story features data reporting and writing by Karim Noorani and is part of a series utilizing data automation across 50 states.

This story originally appeared on Cheap Insurance and was produced and distributed in partnership with Stacker Studio.

Copyright 2024 Stacker via Gray Media Group, Inc. All rights reserved.