Industry transaction prices reach record highs
(August 2, 2011) SANTA MONICA, Calif. (PRNewswire) — TrueCar.com estimated today that the average transaction price for light vehicles in the United States was $29,761 in July 2011, up $582 (2.0 percent) from July 2010 and up $102 (0.3 percent) from June 2011.
The July average is a record high, TrueCar reports.
"Despite continued weakness in the economy and the ongoing concern over the debt ceiling, consumers continued to purchase vehicles packed with options in July," said Jesse Toprak, VP of Industry Trends and Insights for TrueCar.com. "Tightened inventories, lower dealer discounting and manufacturer incentives, along with a more expensive product mix resulted in the highest transaction prices we have recorded in the industry."
Transaction Pricing Forecast |
||||||
Manufacturer |
July 2011 Transaction Price |
June 2011 Transaction Price |
July 2010 Transaction Price |
Percent Change July 2010 to July 2011 |
Percent Change June 2011 to July 2011 |
|
Chrysler (Chrysler, Dodge, Jeep, Ram) |
$28,834 |
$28,568 |
$28,591 |
0.9% |
0.9% |
|
Ford (Ford, Lincoln) |
$32,714 |
$32,599 |
$31,353 |
4.3% |
0.4% |
|
GM (Buick, Cadillac, Chevrolet, GMC) |
$33,804 |
$33,842 |
$33,145 |
2.0% |
-0.1% |
|
Honda (Acura, Honda) |
$25,836 |
$25,763 |
$24,957 |
3.5% |
0.3% |
|
Hyundai/Kia |
$20,575 |
$20,510 |
$19,878 |
3.5% |
0.3% |
|
Nissan (Nissan, Infiniti) |
$27,464 |
$27,595 |
$26,862 |
2.2% |
-0.5% |
|
Toyota (Lexus, Scion, Toyota) |
$25,710 |
$25,842 |
$25,421 |
1.1% |
-0.5% |
|
Industry |
$29,761 |
$29,659 |
$29,179 |
2.0% |
0.3% |
In addition, TrueCar.com estimated that the average incentive for light-vehicles was $2,418 in July 2011, down $431 (15.1 percent) from July 2010 and up $17 (0.7 percent) from June 2011.
Incentive Spending Forecast |
||||||
Manufacturer |
July 2011 Incentives |
June 2011 Incentives |
July 2010 Incentives |
Percent Change July 2010 to July 2011 |
Percent Change June 2011 to July 2011 |
|
Chrysler (Chrysler, Dodge, Jeep, Ram) |
$3,162 |
$3,095 |
$3,656 |
-13.5% |
2.2% |
|
Ford (Ford, Lincoln) |
$2,747 |
$2,641 |
$3,062 |
-10.3% |
4.0% |
|
GM (Buick, Cadillac, Chevrolet, GMC) |
$3,026 |
$2,948 |
$3,818 |
-20.8% |
2.7% |
|
Honda (Acura, Honda) |
$1,901 |
$1,766 |
$2,231 |
-14.8% |
7.6% |
|
Hyundai/Kia |
$1,452 |
$1,364 |
$2,029 |
-28.4% |
6.4% |
|
Nissan (Nissan, Infiniti) |
$2,412 |
$2,214 |
$3,139 |
-23.2% |
8.9% |
|
Toyota (Lexus, Scion, Toyota) |
$1,942 |
$1,891 |
$2,022 |
-4.0% |
2.7% |
|
Industry |
$2,418 |
$2,401 |
$2,849 |
-15.1% |
0.7% |
"July is typically the beginning of the summer sell-down for automakers, but with inventories lacking on dealership lots, incentives are down significantly this year," said Kristen Andersson, automotive analyst at TrueCar.com. "There just aren't enough cars to sell, as in years past."
TrueCar.com estimated that the ratio of incentives to average transaction price for light-vehicles was 8.1 percent in July 2011, down from 9.8 percent in July 2010 and flat from June 2011.
Ratio of Incentives to Average Transaction Price |
||||||
Manufacturer |
July 2011 Incentives/Avg. Transaction Price |
June 2011 Incentives/ Avg. Transaction Price |
July 2010 Incentives/ Avg. Transaction Price |
Percent Change July 2010 to July 2011 |
Percent Change June 2011 to July 2011 |
|
Chrysler (Chrysler, Dodge, Jeep, Ram) |
11.0% |
10.8% |
12.8% |
-1.8% |
0.1% |
|
Ford (Ford, Lincoln) |
8.4% |
8.1% |
9.8% |
-1.4% |
0.3% |
|
GM (Buick, Cadillac, Chevrolet, GMC) |
9.0% |
8.7% |
11.5% |
-2.6% |
0.2% |
|
Honda (Acura, Honda) |
7.4% |
6.9% |
8.9% |
-1.6% |
0.5% |
|
Hyundai/Kia |
7.1% |
6.7% |
10.2% |
-3.1% |
0.4% |
|
Nissan (Nissan, Infiniti) |
8.8% |
8.0% |
11.7% |
-2.9% |
0.8% |
|
Toyota (Lexus, Scion, Toyota) |
7.6% |
7.3% |
8.0% |
-0.4% |
0.2% |
|
Industry |
8.1% |
8.1% |
9.8% |
-1.6% |
0.0% |