Pickup trucks helped boost new car prices in the U.S. during the month of May 2018, according to the analysts at Kelley Blue Book. Their data reveals that the estimated average transaction price for light vehicles in the country was $35,635 during that period.
New vehicle prices rose by 3.4 per cent (or $1,187) from May 2017, year-over-year, thanks in large part to pickup trucks — though prices also dropped 0.4 per cent (or $145) from April 2018.
“Average transaction prices rose a healthy 3 per cent this month and remain strong even as new-vehicle demand is expected to falter in 2018,” said Tim Fleming, analyst for Kelley Blue Book. “It’s no surprise prices were helped by SUV demand, but pickup trucks played a big role in May’s increases as well. Prices in both full-size and mid-size truck segments were up 4 per cent, and it is shaping up to be a pivotal time for pickups with the new RAM truck now on the market, a new Chevrolet Silverado coming later in the year, and the Ford Ranger returning to the U.S. early next year.”
Among the automakers to benefit from the SUV and pickup truck boost are Ford and Lincoln, and General Motors with an emphasis on the Chevrolet brand. Ford’s average transaction prices increased nearly 5 per cent in May thanks in part to significant increases from the new Expedition and the Mustang GT 460-hp, along with sales from the F-Series. The carmaker’s Lincoln brand managed a 14 per cent increase due to the new Navigator.
GM experienced a 4 per cent YOY increase, and a strong mix of Silverado sales and the redesigned Traverse helped move the Chevrolet brand up 5 per cent.
