IRVINE, Calif. — April’s estimated average transaction price for light vehicles was $35,411, a $710 increase from a year ago but a $99 decrease from March, according to Kelley Blue Book.
The 2% year-over-year increase comes at a time of rising fuel prices, with most manufacturers reporting year-over-year increase in their average transaction prices.
“Although fuel prices rose for the second month in a row and are nearing a $3 national average, Kelley Blue Book saw greater price increases for SUV models than with cars,” said Tim Fleming, analyst for Kelley Blue Book. “Luxury SUVs performed particularly well, as less price-sensitive luxury buyers splurged for the latest models, such as the Lincoln Navigator (up 30%), Volvo XC60 (up 16%) and Infiniti QX50 (up 12%).”
Toyota Motor Co. led the way among manufacturers, with its transaction prices climbing more than 3% behind the redesigned Camry’s 11% increase in its average transaction price. The refreshed Sienna minivan also was up 4%, while the Prius’ average transaction price climbed 5%.
The Lexus brand registered a 4% increase in its average transaction price behind the redesigned LS sedan’s 15% increase in its average. The RX, now offering a three-row variant, also realized a 1% increase in its average transaction price.
Volkswagen Group also showed transaction price strength in April. With all brands reporting large improvement, the automaker realized a 3% increase in its average transaction price. The Volkswagen brand’s average alone was up 9%, thanks to the new Atlas and Tiguan SUVs.
Porsche’s average transaction price was up 7%, with the new Panamera leading the way with a 20% increase in its average transaction price. Audi registered a 5% increase in its average, with the redesigned Q5 utility vehicle showing the most improvement with a near 20% increase in its average.
Originally posted on F&I and Showroom