U.S. average new car prices climbed 2 per cent ($732) year-over-year in April, and increased 0.3 per cent ($93) from the previous month, according to analysts at Kelley Blue Book.
The estimated average transaction price for a light vehicle in April was $36,843. The increase in price is due in large part to the shifting sales mix toward SUVs and crossovers, according to Tim Fleming, analyst for Kelley Blue Book.
“With slowing retail demand and increased competition, SUV prices were up just 1 per cent for the month. However, the shrinking market share of the more affordable car segments, now close to 30 per cent, is driving the industry average upward,” said Fleming.
The truck category experienced the greatest increases in April, with prices climbing an average of 4 per cent.
Mid-size pickup trucks reached an average transaction price of $33,822 YOY, which represents an increase of 1.5 per cent. Full-size pickup trucks experienced an even greater boost of 5.2 per cent.
The average transaction price for a Compact SUV/Crossover was $29,350 in April— up 2.9 per cent YOY; Mid-size Compact SUV/Crossovers managed an increase of 2 per cent; and full-size SUV/Crossovers declined 0.7 per cent. Sub-compact SUV/Crossovers were down 1.5 per cent during the same period, YOY.
For segment details, please view the chart below:
