KBB: September’s Avg. New-Vehicle Price Up $144 From a Year Ago
New-car affordability continued to be a challenge for car buyers, with the average transaction price closing in on $35,000 in September.
New-car affordability continued to be a challenge for car buyers, with the average transaction price closing in on $35,000 in September.
At a record 69.3 months, average new-vehicle finance terms have stretched 6.8% from five years ago. The average amount financed and average monthly payment also registered new highs.
Transaction prices continued to climb at a steady rate in May, driven by the weakening sales mix of cars, according to the vehicle information side.
Fiat Chrysler and Toyota showed the greatest year-over-year improvement as prices and incentives gained ground last month.
With sales skewed toward utility vehicles, the average transaction price for light vehicles rose by $757, or 2.3%, from a year ago to $34,352 in February, the firm reported today.
A sales mix in favor of utility vehicles drove up January’s average transaction price 3.3% from a year ago to $34,968. Among the greatest beneficiaries were the Detroit Three, with General Motors leading the way.
The estimated average transaction price for light vehicles in November was $34,948, a 1.7% increase from a year ago, according to Kelley Blue Book. An analyst with the firm attributed the increase to a shift in consumer preference from cars to more expensive trucks and SUVs.
U.S. consumers paid, on average, $34,372 for a new light vehicle in September, up 2.5% from a year ago but down 0.2% from August, KBB reported this week.
The average transaction price in July was $34,264, a 2.5% increase from the year-ago period, according to Kelley Blue Book. The firm noted that transaction prices were up for all manufactures, with the exception of Nissan.
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