One tactic that OEMs are leveraging in order to offset some of this growth is the use of incentives.
Deprecation was low through most of 2018. Segments such as sedans performed better than they have in years past, while trucks and SUVs continue to retain their values well.
Utility vehicles and pickups played a large part in driving up the average transaction price for a new vehicle to $35,635 in May, a 3.4% increase over the same time last year, according to Kelley Blue Book.
The average transaction price of a new car in April was $35,411, a 2% increase year-over-year, according to a Kelley Blue Book report.
The average transaction price for a new vehicle in March reached $35,285, 2% higher when compared to the same time last year, according to a Kelley Blue Book announcement.
The Volkswagen Group, General Motors, and Toyota Motor Company are three of the OEMs that experienced the highest rise in average transaction price. Respectively, the three OEMs saw average transaction prices rise 7.1%, 3.5%, and 3.4%.
Five General Motors vehicles from the 2018 model year have the lowest cost to own in their categories over a five-year period, while four Toyota or Lexus vehicles also made an annual list from Kelley Blue Book.
Kelley Blue Book named Toyota as the winner of its 2018 Best Resale Value Award for the overall brand category, marking the third time that the company has received the award. For the luxury brand category, KBB named Porsche its winner.
New-vehicle sales for 2017 should reach 17.1 million, which would make 2017 the fourth-highest year on record and signals continuing robust health in the automotive industry, according to Kelley Blue Book.
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.
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