#used vehicle prices
Report: Average price of new car hits record in August
Pricey specialty models, such as this 2014 F-150 SVT Raptor Special Edition, helped automakers push average transaction price of a new vehicle to a record in August.
Pricey specialty models, such as this 2014 F-150 SVT Raptor Special Edition, helped automakers push average transaction price of a new vehicle to a record in August. less
The average transaction price for a new vehicle set a record of $31,252 in August, according to TrueCar.com, up 3.2% from a year ago.
The new high is up 0.5%, or $164, from July, the auto data research and shopping site reports.
The record was powered by five car companies that each had record prices in the month: Chrysler, Ford, Honda, Nissan and Volkswagen.
TrueCar’s transaction price is meant to include everything – price of the vehicle, discounts, add-ons, taxes and license fees – all the amounts that total to the out-the-door price.
“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.”
The Hyundai Group – Hyundai and Kia brands combined – fared worst among the majors, down 4.2% from a year earlier, to an average $22,418, and off 0.2% form July.
Auto researcher Kelley Blue Book says the estimated average transaction price in the U.S. is up nearly 1% from this time last year.
It says the average is even higher than TrueCar’s number: $31,657. Kelley data show, however, that is a drop of $138 from last month, though up $221 from a year ago.
Kelley data show that Chrysler and Honda show the greatest year-over-year strength, while Volkswagen dropped more than 7% since August 2012 on its aging lineup.