People are paying more for vehicles these days, according to vehicle pricing guide Kelley Blue Book.
KBB said that estimated average transaction price (ATP) for light vehicles during June was $32,342, which is up from June 2013.
This doesn’t necessarily mean that vehicles are getting more expensive, only that people are spending more per given vehicle. For instance, automakers’ total sales include a higher percentage of upscale models. Also, people are choosing to include more optional equipment on a given model.
However, vehicle prices have risen as well: KBB said that new-car prices are up $454 (or 1.4%) versus June 2013. They rose $113 (0.4%) just since last month.
So, a combination of factors results in the higher average transaction prices.
Among automakers, General Motors posted a 5.4% year-over-year gain in average transaction price – largely due to increased sales of pricey trucks and SUVs. Meanwhile, Nissan saw a 1% decrease in its average transaction price, due to the Japanese company getting more of its mix of sales from its economy car lines.
KBB said this happened despite Nissan’s new vehicle sales numbers going up from 2013 to 2014.
Overall, this is shaping up to be a warm summer for auto sales, and prices are up. Things may slow down a bit later in the year, so if you’re in the market you may find the best deals after the summer heat is off.
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