Car buyers pay 2% more

[rickaren]

Car buyers pay 2% more

Posted Friday, Oct 9, 2009, 11:49 am in Employee News

Consumers are paying 2% more this year for new cars and trucks than they were a year ago, according to data from the consumer automotive Web site Edmunds.com—a trend that is good news for automakers, who are selling fewer vehicles, but not necessarily for consumers, the Detroit Free Press reported

Through September, U.S. auto sales are down 27 percent compared with the same 9-month period a year ago, the report said. But so far this year, the auto industry has gotten consumers to pay more for those vehicles, which boosts their revenue for each vehicle sold, the paper said.

Edmunds.com says the average price of a car or truck sold in the United States was $28,492 for the first nine months of the year, compared with $27,945 last year, the Free Press noted. Edmunds’ average transaction estimate doesn’t include manufacturer rebates, the story said.

Some automakers have done better than others, however. The average price consumers paid for a Buick has increased 9.5 percent, Edmunds.com said. Average transaction prices are also up 7.9 percent for Chevrolet and 5.3 percent for Ford, the Free Press reported. Toyota’s average transaction price, meanwhile, has slipped 0.6 percent while its luxury Lexus brand has slipped 3.9 percent, the story said. Through September, Toyota sales through September are down 27.7 percent. The combination of lower sales and lower prices show the Japanese automaker is under pressure, the story said. (Detroit Free Press)