The auto industry’s average transaction price for new vehicles hit an all-time high in August, according to TrueCar.com, with five automakers leading the way.
Find out more about what TrueCar senior analyst Jesse Toprak has to say.
TrueCar, Inc., the automotive pricing information and analysis company that creates a better buying experience for dealers and consumers, estimated today that the average transaction price (ATP) for light vehicles in the U.S. was $31,252 – a record high – in August 2013, up $978 (3.2 percent) over August 2012; and up $164 (0.5 percent) from July 2013.
The industry’s average transaction price for new vehicles hit an all-time high, fueled by five automakers — Chrysler, Ford, Honda, Nissan and Volkswagen – that all achieved record highs for their average transaction price in August. The previous industry record was $31,228, set in December 2012.
“Historically low interest rates as well as very attractive lease specials fueled by high resale values are enabling consumers to buy more expensive vehicles while still keeping payments at affordable levels,” said Jesse Toprak, senior analyst for TrueCar. “It’s good day at the office for the manufacturers when the sales continue to grow double digits while transaction prices reach record highs.”
In addition, TrueCar estimated that the average incentive for light vehicles was $2,477 in August 2013, up $9 (0.4 percent) from August 2012; and down $67 (-2.6%) from July 2013.
TrueCar estimated the ratio of incentives to average transaction price for light vehicles was 7.9 percent in August, down from 8.2 percent in July 2012 and down from 8.2 in July 2013.