New vehicles cost less to buy in November, while sales rise
Posted on Tuesday, December 3, 2013 at 10:13:58 AM
The number of vehicle buyers is on the rise, as more affordable deals, auto financing and other factors appear to be driving the market.
According to a recent report by TrueCar.com, the average transaction price for light vehicles decreased in November. Overall, the ATP was only $30,634 during the month, down $198 year-over-year, and $164 less than October.
This decrease marks the first one since December 2010, and has been helped along by added incentives and other factors, TrueCar.com noted.
"Relatively higher levels of discounting are being used to clear out 2013 model year vehicles," said Jesse Toprak, senior analyst for TrueCar.com. "We expect transaction prices to continue to stay in record territory in the short term, as long as the fundamentals in the economy stay positive."
In addition, sales for many major manufacturers are up, and it appears more buyers are using auto financing to drive their ideal vehicle off the lot.
According to USA Today, Chrysler Group reported November new-vehicle sales were up 16 percent month-over-month. General Motors also noted a strong gain, posting a 14 percent uptick. The positive movement was attributed to the new Chevrolet Impala, improved Malibu and larger pickup trucks, which are typically good sellers.