IRVINE, Calif. — The estimated average transaction price (ATP) for light vehicles in the United States was $34,552 in April 2017, a $579 (up 1.7 percent) increase from April 2016 but a $48 $48 (down 0.1 percent) decrease from March, Kelley Blue Book reported this week.
The vehicle information site pinned the year-over-year increase on high demand for SUVs, noting that most manufacturers realized higher transaction prices despite softening retail sales.
“These increases appear to be primarily driven by the shift in demand toward SUVs, even with growing segments, such as subcompact SUVs and luxury compact SUVs, seeing year-over-year price declines,” said KBB analyst Tim Fleming. “Kelley Blue Book anticipates average transaction prices will likely begin to decrease when the sales mix of SUVs eventually levels off.”
The average transaction price for Fiat Chrysler was up more than 3% year over year in April. The Chrysler brand registered an 11% increase, due to the new Pacifica minivan and lower sales of the 200 sedan, KBB noted. Meanwhile, Jeep increased 5% thanks to a stronger mix of the Grand Cherokee, as the smaller Compass SUV changes to a new generation. The average for the RAM brand, however, was down 3%, as full-size pickup truck prices continue to dip.
Conversely, General Motors’ average transaction prices fell nearly 1%, with only the Buick brand posting a year-over-year increase. The redesigned LaCrosse sedan, which was up 9%, and the all-new Envision SUV helped boost Buick’s transaction price increase. The Chevrolet brand registered a 2% decline in its average transaction price, with the Silverado down 4% from last year.