The average transaction price for a new vehicle in November was $35,870, a 1.6% rise from the same time last year, according to Kelley Blue Book.
“Transaction prices reached a new record high in November 2017,” said Tim Fleming, analyst for Kelley Blue Book. “Prices are being driven higher by the shifting sales mix away from cars, which now stands at just 34% and is trending downward.”
Consumer demand, he added, continues to shift toward small SUVs. This segment, he noted, saw a 3% rise in transaction price from the same time last year, the second-highest increase among all vehicle segments.
The vehicle segment to see the highest year-over-year increase in transaction price during November was the minivan segment, which saw transaction prices increase by 4.5%. Conversely, the subcompact car segment saw the biggest drop among all vehicle segments, with a 1.6% drop in transaction price compared to a year ago.
From an OEM standpoint, Volkswagen, Fiat Chrysler and Ford Motor Co. realized the biggest year-over-year growth to their average transaction price at 6%, 3.5%, and 2.8%, respectively.
Taking a closer look at Ford, much of its growth can be attributed to a strong mix of F-Series Super Duty sales in November, however, the Mustang also saw strong performance during the month, according to KBB. Although the Lincoln brand saw its average transaction price decline by 1%, the next-generation Navigator is poised to provide a lift to the brand once it reaches dealerships, KBB added.