Buyers are shopping for cheaper cars. New-car prices are still near a record.

According to Cox Automotive, the average new car transaction price in September was $50,562, a nearly 1% increase from the previous month and just $52 below a record high. The average price is up 0.7% from a year ago. At the same time, buyers are shifting from full-size vehicles to more affordable options like sedans and smaller SUVs. Erin Keating, Cox Auto's executive analyst, told Business Insider that customers are willing to adapt by choosing smaller vehicles.

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