ONLINE BANKING
Access ID:
Pay Online Button
Apply Now Button

Average transaction price for new cars dropped in January

Posted on Friday, February 7, 2014 at 9:50:37 AM

There is good news out there for buyers interested in affordable auto financing - the average price for new vehicles is on the way down, which means many are spending less to own the car they want.

According to Cars.com, the average transaction price for light vehicles hit $29,882 in January, a 1.2 percent drop from the same time last year, and $1,032 below the amount reported in December 2013. The manufacturer with the greatest year-over-year drop was GM, with a decline of 2.4 percent, far ahead of next closest competitor Ford, at 0.5 percent.

Jesse Toprak, chief analyst for Cars.com, explained that these changes have come following what seemed like an unstoppable run for transaction prices. This may be attributed to financial shifts, like an up and down stock market, causing some buyers to hesitate on vehicles with higher price tags.

While buyers appear to be interested in affordable vehicle and auto financing, Kelley Blue Book offered up several options for cost-effective purchases. For example, the 2014 Jeep Patriot and 2014 Dodge Grand Caravan were both found to have low projected ownership costs over a five-year period, which means they offer great value.