Average New-Car Prices Set New Record High, According To Kelley Blue Book
The estimated average transaction price (ATP) for light vehicles in the United States was $35,870 in November 2017, according to Kelley Blue Book.
New-car prices have increased by $554 (up 1.6 percent) from November 2016, while climbing $83 (up 0.2 percent) from last month
“Transaction prices reached a new record high in November 2017,” said Tim Fleming, analyst for Kelley Blue Book. “Prices are being driven higher by the shifting sales mix away from cars, which now stands at just 34 percent and is trending downward.”
Fleming said that Kelley Blue Book continues to see much of the consumer demand geared toward small SUVs, which saw prices rise by 3 percent, in addition to strong sales growth. “This segment features many recent redesigns, and shows no signs of weakness despite the overall down market for new vehicles.”
Ford Motor Company saw solid transaction price growth of nearly 3 percent in November 2017, helped by a strong mix of F-Series Super Duty sales this month. The Mustang also had a good month, with prices rising 3 percent. Lincoln declined 1 percent; however, the next-generation Navigator is now reaching dealerships and may provide a large lift for the brand.
Meanwhile, Toyota Motor Company’s transaction prices climbed two percent. The redesigned Camry increased 10 percent, while Toyota’s top seller, the RAV4, saw gains of 6 percent on a strong sales mix of the RAV4 Hybrid, which helped the Toyota brand improve by 3 percent.
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