The demand for trucks and SUVs are a large factor driving up average prices for new vehicles.
Photo by Eric Gandarilla.
Although new-vehicle sales are expected to contract in the coming months, the average price for those vehicles is expected to rise, thanks in part to the continued shift in demand toward larger vehicles, according to a Kelley Blue Book report.
New-vehicle prices averaged $35,511 in June 2018, representing a 2.1% increase from the same time last year and a 0.3% bump from the previous month.
“Helped once again by robust demand for SUVs and trucks, average transaction prices were up a solid 2% in June 2018,” said Tim Fleming, analyst for Kelley Blue Book. “The mix of light trucks is estimated to be at 69%, up from 64% for one year ago.”
Segment-wise, the highest increase in average price came from the luxury full-size SUV/crossover, high-performance car, and pickup truck segments.
On an OEM basis, General Motors and Ford Motor Co. saw the biggest gains in average price. Nearly all other OEMs operating in the U.S. saw some sort of increase to their overall average selling price; the only OEM to experience a dip in average selling price was Hyundai-Kia.
Related: New-Vehicle Retail Sales Rise 5% in May
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