IRVINE, Calif. — New-vehicle transaction prices reached a new record high in November, climbing by $554 from a year ago to an estimated average price of $35,870, according to Kelley Blue Book (KBB).
On a month-over-month basis, the average new-vehicle transaction price increased by $83. According to KBB analysts, prices are being driven higher by the shifting sales mix away from cars, which now stands at just 34% and trending downward.
“Kelley Blue Book continues to see much of the consumer demand geared toward small SUVs, which saw prices rise by 3%, in addition to strong sales growth,” said KBB analyst Tim Fleming. “This segment features many recent redesigns, and shows no signs of weakness despite the overall down market for new vehicles.”
Ford Motor Co. saw solid transaction price growth of nearly 3% in November, helped by a strong mix of F-Series Super Duty sales for the month. The Mustang also had a good month, with prices rising 3%. Lincoln’s average transaction price declined 1%; however, the next-generation Navigator is now reaching dealerships and may provide a large lift for the brand.
Meanwhile, Toyota Motor Co.’s transaction prices climbed 2%. The redesigned Camry increased 10%, while Toyota’s top seller, the RAV4, saw gains of 6% on a strong sales mix of the RAV4 Hybrid, which helped the Toyota brand improve by 3%.