New car prices are on the rise

The ever-increasing amounts that Americans are paying for new vehicles reached new highs in September 2015. According to Kelly Blue Book, U.S. buyers paid an average transaction price (ATP) for light vehicles of $33,730 in September. This was up by $660 from September 2014, and up $167 since August 2015.

KBB explained that the month-over-month price increases are being driven by America’s taste for luxury utility vehicles, while the year-over-year increases are driven by strength in trucks, vans, crossovers and full-sized cars.

Of course, they are also the result of very long-term financing and generous factory lease deals – both of which drive down the monthly payments on a range of vehicles.

Leading the year-over-year price increase pack were Dodge, Fiat, GMC, Mazda and Volvo -- all of whom reported transaction growth of more than five percent in September.

No matter when you’re in the market to buy a new vehicle, Travis Credit Union can help. Get prequalified for an auto loan before you shop and you’ll know exactly how much car you can afford. For details, visit www.traviscu.org.

 

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