The estimated average transaction price for a light vehicle in the U.S. in October was $34,663, a 2.3% increase over the same time last year, according to Kelley Blue Book.
“Transaction prices continued their upward trajectory in October,” said Tim Fleming, analyst for Kelley Blue Book. “The Detroit automakers posted gains between 4% and 6%, as their strong portfolios of trucks and SUVs align extremely well with current consumer demand.
“Despite the increases in transaction prices, incentive spending across the industry continues to climb as well, offsetting much of the transaction price gains," Fleming added. "With industry sales reaching a potential plateau, automakers should adjust production to better match demand, which should reduce the need for such high incentives.”
Fiat Chrysler registered the biggest gain in transaction price, according to KBB. In October, average transaction prices for the manufacturer were up 5.7%, led primarily by the Chrysler brand, which was up 13% thanks to the new Pacifica.
Both Nissan North America and Ford Motor Company followed closely behind average transaction price gains of 4.7% and 4.6% from a year ago, respectively, according to KBB.
In terms of vehicle segments, sports cars saw the biggest positive change in transaction price, the firm added. Compared to the year before, sports car transaction prices grew by 6.1%. On the other side of the spectrum, high-performance cars realized the biggest negative change in transaction price, falling 4.5% compared to the year prior.