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Report: Average price of new car hits record in August

7:40 AM, Sep 4, 2013   |    comments
Pricey specialty models, such as this 2014 F-150 SVT Raptor Special Edition, helped automakers push average transaction price of a new vehicle to a record in August.(Photo: Ford Motor)
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James R. Healey, USA TODAY

The average transaction price for a new vehicle set a record of $31,252 in August, according to TrueCar.com, up 3.2% from a year ago.

The new high is up 0.5%, or $164, from July, the auto data research and shopping site reports.

The record was powered by five car companies that each had record prices in the month: Chrysler, Ford, Honda, Nissan and Volkswagen.

TrueCar's transaction price is meant to include everything - price of the vehicle, discounts, add-ons, taxes and license fees - all the amounts that total to the out-the-door price.

"Historically low interest rates as well as very attractive lease specials fueled by high resale values are enabling consumers to buy more expensive vehicles while still keeping payments at affordable levels," said Jesse Toprak, senior analyst for TrueCar.

"It's good day at the office for the manufacturers when the sales continue to grow double digits while transaction prices reach record highs."

The Hyundai Group - Hyundai and Kia brands combined - fared worst among the majors, down 4.2% from a year earlier, to an average $22,418, and off 0.2% form July.

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