New Car Prices Hit Record High
Despite increasing gas prices, automakers are pushing car prices to record levels.
The average transaction price for a new car in March was approximately $30,748, nearly two thousand dollars more than the same time a year ago.
The March number represents the highest level seen over the past 20 years.
While the statistic may seem counterintuitive, an expert with TrueCar.com says this is not a fluke, and higher car prices are here to stay.
“We’re going to see this trend of higher transaction prices continue to be with us for the next couple of years, at least,” says Jesse Toprak, TrueCar’s Vice President of market intelligence.
However, Toprak says consumers are the winners through this process. People may be spending more for cars, but they are getting “more car” with that purchase, including better gas efficiency.