Average vehicle transaction price hits record of $34,077
The average new-vehicle transaction price will reach an all-time high this year of $34,077, up 2.7 percent from 2015 and up 12.6 percent from 2011, according to Edmunds.com. The market research company predicts that next yearês average price will top $35,000.
The main reason for the increase is the larger market share of utilities and light trucks, which tend to be more expensive and have more options, said Edmunds. Those segments now make up 62 percent of the U.S. market. Leasing, at a high of 31 percent, makes those vehicles more affordable, as do longer loan terms and low interest rates.
On the other end of the market, higher prices are putting a bit of a squeeze on the market for lower-cost used vehicles, said Jessica Caldwell, Edmunds executive director of industry analysis. More people are looking for affordable, older vehicles than are actually sold, driving up values and demand.Download Bulletin PDF