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It’s not enough that sales keep going up, manufacturers also have to keep up with inflation and other factors. Could that be the explanation for the three percent increase in prices of new cars in July this year?
According to a new study performed by Kelley Blue Book, the average transaction price for light vehicles in the US was $33,453 in July 2015 which represents an increase of $856. That’s 2.6 percent from July 2014, to be more precise.
Normally, people would point the finger at premium or luxury car makers first but, as it turns out, the biggest gains are coming from volume brands such as Fiat, Kia, Mazda and Subaru.
The biggest increase went to Nissan that posted a 5.5 percent bump in the average price of the cars sold, followed by Hyundai-Kia with 4.1 percent, Ford with 3 percent and Honda with 2.8 percent.
Leaving light vehicles aside at looking at the whole picture, the biggest increase in prices has been recorded in the Minivan/Van segment with 8.5 percent followed by full-size pickup trucks with 4.8 percent and Luxury Mid-size SUV or crossovers with 4.5 percent.
"Full-size trucks continue to have another big month, growing nearly 5 percent and achieving a $45,735 average transaction price," said Karl Brauer, senior analyst for Kelley Blue Book. "The volume and profit these vehicles are delivering can't be overstated, and both figures could go even higher when Ford fully leverages the new F-150's production capacity in the coming months."
That being said, we kind of expected SUVs to be number one in terms of price increase percentages since there’s a huge amount of popularity for these models going around these days.
Some decreases were also recorded. For example, the prices for high-end luxury cars went down by 2.6 percent while electric vehicles also dropped 2.2 percent on average. For more details, check out the press release below.
Normally, people would point the finger at premium or luxury car makers first but, as it turns out, the biggest gains are coming from volume brands such as Fiat, Kia, Mazda and Subaru.
The biggest increase went to Nissan that posted a 5.5 percent bump in the average price of the cars sold, followed by Hyundai-Kia with 4.1 percent, Ford with 3 percent and Honda with 2.8 percent.
Leaving light vehicles aside at looking at the whole picture, the biggest increase in prices has been recorded in the Minivan/Van segment with 8.5 percent followed by full-size pickup trucks with 4.8 percent and Luxury Mid-size SUV or crossovers with 4.5 percent.
"Full-size trucks continue to have another big month, growing nearly 5 percent and achieving a $45,735 average transaction price," said Karl Brauer, senior analyst for Kelley Blue Book. "The volume and profit these vehicles are delivering can't be overstated, and both figures could go even higher when Ford fully leverages the new F-150's production capacity in the coming months."
That being said, we kind of expected SUVs to be number one in terms of price increase percentages since there’s a huge amount of popularity for these models going around these days.
Some decreases were also recorded. For example, the prices for high-end luxury cars went down by 2.6 percent while electric vehicles also dropped 2.2 percent on average. For more details, check out the press release below.
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