According to TrueCar.com, vehicles bought in August had a record-high average transaction price. The data showed that the average transaction price for light vehicles across the country was $31,252, up 3.2 percent on a year-over-year comparison and up 0.5 percent on a month-over-month comparison. The previous all-time high was $31,228, which was achieved in December 2012.
"Historically low interest rates as well as very attractive lease specials fueled by high resale values are enabling consumers to buy more expensive vehicles while still keeping payments at affordable levels," said Jesse Toprak, senior analyst for TrueCar. "It's good day at the office for the manufacturers when the sales continue to grow double digits while transaction prices reach record highs."
TrueCar.com noted that the record was primarily due to Chrysler, Ford, Honda, Nissan and Volkswagen, as each of these automakers achieved record-high transaction prices during the month.
Cars on the road are older than ever
While automakers continue to put out pricey cars, at least they are lasting longer.
According to a report last month from Polk, the average age of light vehicles on the road hit a record-high 11.4 years. The data was from a sample of more than 247 million car and light truck registrations across the country. While much of the credit is owed to car manufacturers putting out more quality products, the aftermarket automotive industry also deserves some credit, as it is taking better care of vehicles on the road.
"[I]ndependent and chain repair shops should be paying close attention to their business plans and making concerted efforts to retain business among the do-it-for-me (DIFM) audience, while retailers have a unique and growing opportunity with potential consumers wrenching on their own vehicles," read the Polk report.
While the report indicated that vehicles aged 6 to 11 years old is decreasing, the age of vehicles 12 and older is increasing. As more Americans see their odometers go well above the 100,000-mile mark and even into the 200,000-mile range, preventative measures are necessary to preserve a vehicle's value.
Husky Liners® vehicle floor mats will do the best job in maintaining the current value of an interior. Owners no longer have to worry about a spill potentially depleting the resale value of vehicle, as these liners will serve as protection.