Due to the continued demand for larger vehicles, nearly every manufacturer in the U.S. saw higher average transaction prices in January, according to Kelley Blue Book.
The average transaction price for a light-duty vehicle in the U.S. during the month stood at $34,968, up 3.3% year-over-year but down 1.3% compared to the previous month, according to Kelley Blue Book.
"Industry transaction prices remain at high levels, rising more than 3% this month," said Tim Fleming, analyst for Kelley Blue Book. "The changing mix of sales in favor of utility vehicles is the primary driver for the year-over-year strength, as average prices in SUV segments climbed modestly, while the prices of subcompact SUVs declined. Demand for subcompact SUVs, one of the hottest segments in 2016, appears to be slowing down, although new models from Ford, Nissan and Toyota could help spark interest in the segment."
Ford Motor Co., Fiat Chrysler, Nissan North America and General Motors were the beneficiaries to some of the biggest year-over-year growths to average transaction price, according to KBB data, with prices climbing 5.3%, 5.1%, 4.6%, and 4.4% respectively.
The Cadillac, GMC and Chevrolet brands were the biggest boons to GM's rise in average transaction price. During January, those brands saw average transaction prices increase by 7%, 5%, and 3% respectively. For Nissan, its higher average transaction price was propelled by a sales mix that favored SUVs and trucks, according to KBB data.
The only manufacturer to not see an increase in average transaction price in North America was Volkswagen Group, which realized a 7.7% year-over-year decrease to its average transaction price.
Taking a look at how vehicle segments performed during the month, the best-performing vehicle segment was the entry-level luxury car, which saw its average transaction price go up by 4.8% year-over-year, while the worst-performing segment was the high-performance car, which saw average transaction price fall by 8.1%.