U.S. New Car Transaction Prices Continue Slow Rise

The average transaction price for new light vehicles in the United States was $31,657 in August 2013, an increase of $221 or +0.7% year-over-year.

“Chrysler and Honda continue to strengthen their transaction prices from this time last year with strong redesigns among some of their popular models, including RAM 1500, Jeep Grand Cherokee and Honda Accord,” said Karl Brauer, senior analyst for Kelley Blue Book, the source of the data.

Volkswagen has experienced significant drops in transaction prices. The Jetta, Passat and Golf are among the most discounted models, and car shoppers in one sense are benefitting from the brand’s momentary lack of new product. During August VW brand U.S. sales decreased 1.6% in an industry that was up 17%.

Honda, Nissan, and Toyota led all automakers with double-digit August sales gains here. Leasing was also up, comprising 27% of all sales in Q2 compared to 24% during the same period last year. Overall, offshore brand sales in the U.S. rose to 843,588 vehicles, up from 750,254 last month and well above 703,611 a year ago.(Read AutoInformed on Asian Brands Dominate U.S. August Sales)

“Consumers are spending top dollar for some of the latest and greatest models, while other brands are forced to cut prices in order to move vehicles off dealership lots Brauer said.”