New Vehicle Prices Rise as Consumers Buy More Trucks

By Staff Writer October 30, 2018

The new-vehicle retail sales pace in October is expected to fall from a year ago, according to a forecast developed jointly by J.D. Power and LMC Automotive. The seasonally adjusted annualized rate for retail sales is expected to be 13.6 million units, down 400,000 from a year ago.

The average transaction price in October is on pace to reach $32,947, the highest ever for the month of October and the second highest ever recorded.

Month to date, trucks and SUVs account for more than 70 percent of retail sales, the first time the 70 percent threshold has been exceeded.

Incentive spending in October is also on pace to decline on a year-over-year basis. October will be the fourth consecutive month with lower spending, reflecting the first sustained decline in spending since the recession.

October spending to-date is $3,742 per unit, down $143 from the same time last year. Spending on cars was down $494, while spending on trucks/SUVs was up $17.

Last modified on Tuesday, 30 October 2018 13:35

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