Average new vehicle prices in the United States are up 2.9 per cent ($1,064) in October 2019, year-over year, while decreasing 0.4 per cent ($141) from the previous month.
The average transaction price for a light vehicle in the U.S. was $38,259 in October.
“Average transaction prices were generally favourable for most automakers, as the industry average climbed 3 per cent year-over-year, partially due to the shifting sales mix from cars to trucks and SUVs,” said Tim Fleming, analyst for Kelley Blue Book. “However, car prices did grow by 2 per cent in October 2019, their biggest improvement in nearly a year.”
OEMs are focusing their incentive programs on the utility segment to make the vehicles more affordable for consumers. It’s a segment that has become increasingly competitive.
The truck segment demonstrated the most strength, with the average transaction price of full-size trucks up 3 per cent and mid-size trucks jumping 6 per cent thanks in part to new and redesigned models.
By automaker, Kia-Hyundai was up a significant 8.1 per cent YOY in October, but down MOM.
Ford Motor Company experienced a 5.6 per cent increase, with both brands showing a boost in average transaction prices. For the Ford brand, the redesigned Explorer was up 15 per cent and the refreshed Edge up 4 per cent. For Lincoln it was the Nautilus, which increased 5 per cent, and the Aviator transacted in the high $60,000 range.
Fiat Chrysler and General Motors were up nearly 4 per cent YOY in October, and down slightly MOM.
