TrueCar recently released a report estimating that the average transaction price for light vehicles bought in May was $30,978, up 2 percent on a year-over-year comparison and up 0.6 percent on a month-over-month comparison.
"Consumer confidence is the highest it's been since 2007, helping keep demand for new vehicles very stable, and moving transaction prices upward overall," said Jesse Toprak, senior analyst for TrueCar. "Ford enjoyed a 4.5 percent gain in their average transaction price over last year, with the recovering housing market fueling the resurgence of demand for large trucks like the F-150. This, along with a 40 percent increase in Explorer sales, has moved their average transaction prices above $33,000, an all-time high ATP for the brand."
In its report, TrueCar also noted that the averaged incentive for light vehicles in May was $2,482, down 3 percent on a year over-year comparison and 1.7 percent on a month-over-month comparison. As there is a considerable amount of pent-up demand in the automotive industry, especially considering cars on the road are older than they have ever been before, there is no need for automakers to offer significant incentives, because shoppers are already coming in the door.
Nissan sales jump 24 percent
One place those shoppers were heading in May was Nissan.
The automaker recently reported that there were 114,457 deliveries in May, up 24.7 percent on a year-over-year comparison and a record amount of sales for the month. The automaker attributed its success to the strong gains of the Altima, Pathfinder, Sentra and Rogue. The Nissan brand also saw a May record, with 106,558 sales, accounting for a 31.2 percent increase on a year-over-year comparison.
"We are in the midst of launching five all-new, top-selling Nissan models in 15 months, and the effort is paying off," said Jose Munoz, senior vice president for sales and marketing, Nissan Americas. "Altima, Pathfinder and Sentra, the first three of these launches, are up a combined 64.6 percent in May, which shows that our new products are hitting the sweet spot of delivering the innovation, style and value that buyers want."
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