IRVINE, Calif. — Kelley Blue Book put August’s estimated average transaction price for light vehicles at $34,648. That’s up $243, or 0.7%, from August 2016 and up a slight 0.5% from July.
Despite the industry managing a near 1% increase, the firm noted, August revealed mixed average transaction prices across the major manufacturers.
“However, we should note that this is far lower than the 2% to 3% gains in the first half of the year, and prices moved downward in key segments such as full-size trucks and midsize cars,” said Kelley Blue Book analyst Tim Fleming. “With incentives still averaging more than 10% of transaction prices, Kelley Blue Book sees clear signs of pressure on new-car pricing in what is the first down year of sales since the recession.”
Fiat Chrysler’s average prices climbed more than 6% in August, helped by a strong sales mix of Ram trucks. The average transaction price for the Jeep brand also increased 6%, with the new Compass leading the way with an 8% year-over-year increase.
Hyundai-Kia’s transaction prices were up nearly 2% in August, with Hyundai up 3%. Although the Elantra increased 3%, the average transaction price gains at Hyundai are largely due to a smaller sales mix of their smaller cars. Kia was down 1%.
Nissan North America registered a near 2% gain in its average transaction price, with Infiniti’s average price down 1% and Nissan up 2%. The Rogue, Nissan’s best seller, increased 2%. It’s best performer was the Armada, which registered a 13% increase in its average transaction price amid big sales increases.