Utility & Truck Demand Fuels Price Increases
The underlying strength of trucks is best represented by the mid-size truck segment, which, despite no new products, saw prices climb 3%.
New trucks to market, such as the Chevrolet SIlverado 1500, are helping increase new-vehicle average transaction prices.
Photo courtesy of Ram Truck
The analysts at Kelley Blue Book reported the estimated average transaction price for light vehicles in the United States was $35,511 in June 2018. New-vehicle prices increased by $736 (up 2.1%) from June 2017, while rising $118 (up 0.3%) from last month.
"Helped once again by robust demand for SUVs and trucks, average transaction prices were up a solid 2% in June 2018," said Tim Fleming, analyst for Kelley Blue Book. "The mix of light trucks is estimated to be at 69%, up from 64% just one year ago. Last month was particularly strong for pickup trucks, as full-size truck prices rose 5% on new models and richer trim mixes. The underlying strength of trucks is best represented by the mid-size truck segment, which despite no new products, saw prices climb 3%."
Check out the average transaction prices by segment below:
Segment | June 2018 Avg. Transaction Price | May 2018 Avg. Transaction Price | June 2017 Avg. Transaction Price | Percent Change May 2018 to June 2018 | Percent Change June 2017 to June 2018 |
|---|---|---|---|---|---|
Compact SUV/Crossover | $28,400 | $28,456 | $28,057 | -0.20% | 1.20% |
Full-size Pickup Truck | $49,017 | $48,191 | $46,566 | 1.70% | 5.30% |
Full-Size SUV/Crossover | $62,925 | $63,401 | $60,686 | -0.70% | 3.70% |
Mid-size Pickup Truck | $33,299 | $33,161 | $32,192 | 0.40% | 3.40% |
Mid-size SUV/Crossover | $38,196 | $38,050 | $37,870 | 0.40% | 0.90% |
Minivan | $34,374 | $34,197 | $33,297 | 0.50% | 3.20% |
Subcompact SUV/Crossover | $24,278 | $24,270 | $24,283 | 0.00% | 0.00% |
Van | $34,944 | $34,744 | $34,501 | 0.60% | 1.30% |
Related: April Class 8 Truck Orders Stronger Than Expected
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