What’s driving the average transaction price?

The average new vehicle transaction price will hit an all-time high in 2016 at $34,077 per vehicle, a 2.7 percent increase from 2015 and a 12.6 percent increase from 2011, according to analysis from leading car information and shopping network, Edmunds.com. In 2017, Edmunds predicts that the average vehicle transaction price will further increase to $35,000.

“Although automakers have ushered in a crop of smaller, lower-priced vehicles, strong market demand for SUVs and trucks have caused overall prices to rise,” said Jessica Caldwell, Edmunds executive director of industry analysis. “This is yet another example of how trucks and SUVs are driving change in the market and influencing every part of the industry.”

Source: Edmunds.com