Transaction prices for the first six months of 2014 averaged a record $29,630. Consumer expenditures on new vehicles also reached a record high of $194 billion during the period.
Used-vehicle sales in May increased nearly 11% from April, according to CNW. Franchised dealers led the way with a 4.3% increase in sales vs. one year ago, while independents realized a 3.4% increase.
The estimated average transaction price for light vehicles in the United States was $31,663 in June 2013, up $370 from May and up $269 from a year ago.
The average transaction price for light vehicles was $31,087 in March 2013, an increase of $339 over last March. The average incentive for light vehicles was down $44 compared to last year.
December was an ideal month for manufacturers. Transaction price rose to record levels while incentive spending continued to fall, TrueCar reports.
November transaction prices, which rose to their highest level in almost a year, show that budget-minded consumers aren’t skimping on modern conveniences.
Despite higher transaction prices and lower incentives, consumers continue to show they're in a buying mood, TrueCar reports.
Higher transaction prices and lower incentive spending didn’t keep car buyers away from dealer lots, a positive sign for automakers and dealers.
According to TrueCar.com, Honda and Toyota held the record for transaction prices for the second straight month. All transaction prices were up except for Ford and General Motors.
Transaction prices are falling, with TrueCar reporting that the average transaction price fell by $445 from last month.
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