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KBB: New-Car Transaction Prices Up 1 Percent Over Last Year

July 2, 2013

IRVINE, Calif. — The estimated average transaction price for light vehicles in the United States was $31,663 in June 2013, up $370 (1.2 percent) from April and up $269 (0.9 percent) from one year ago, Kelley Blue Book reported today.

According to page views on Kelley Blue Book’s website, which is defined as every time a KBB.com user visits a webpage, Ford continues to see the largest year-over-year improvement, up 1.5 percentage points from June 2012, but down from last month. Chrysler’s share has improved from last year, up 0.6 percentage points. But the make has been flat from last month. Hyundai/Kia realized the greatest decline from last year, down 2.5 percentage points, but up slightly from last month.

“Consumer confidence continues to be a strong factor, along with pent-up demand and, for now, low interest rates, bringing shoppers into the showroom to purchase a new vehicle,” said Alec Gutierrez, senior market analyst of automotive insights for Kelley Blue Book. “Ford has been one of the biggest beneficiaries, with transaction prices up nearly 3 percent due to the strength in large truck sales, coupled with newly redesigned vehicles in the Fusion and Explorer.”

The segments with the greatest change in KBB.com page views are compact crossovers, up 1.4 percentage points from last year, and luxury crossovers, up 0.5 percentage points from June 2012. 

“Many consumers are looking for a vehicle that provides great fuel-economy, value and maximum comfort for a family, including storage. And compact crossovers provide all of those qualities,” said Akshay Anand, analyst, Kelley Blue Book Insights.  “Because compact cars are at nearly the same price point as subcompact cars, yet compact vehicles provide ample space, we’re seeing a decline in subcompact cars.”

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