Those motorists who are thinking about getting new vehicle in the coming months may want to complement their purchase with a cheap car insurance policy in order to save money. Popularity in automotive acquisitions may be rising, but this is not without gains in prices.
New vehicles had an average price of $31,854 during September, according to a report from TrueCar. This was more than 5 percent - or $1,572 - higher than the same month in 2012, while it was also nearly 2 percent - or approximately $600 - greater than the previous month's level. The month marked the highest average a price has ever been for this measurement.
"While September's sales didn't match those of the summer months, the prices buyers are paying continue at a record pace," said Jesse Toprak, senior analyst for TrueCar. "A higher number of 2014 model year vehicles arriving at the dealerships with much lower incentives and the continued appetite of consumers for well-equipped vehicles helped keep transaction prices at record levels."
The manufacturer with the highest price for purchases during the month was Volkswagen, which had an average of more than than $34,700, the report explained. The company with the lowest price was Hyundai/Kia, which was less than $22,300. Both GM and Honda experienced gains of 1.4 percent or more in pricing compared to August's level. Volkswagen and GM had the highest year-over-year jumps, with these companies posting increases of 8.6 and 7.8 percent, respectively.
September sales disappoint
While many aspects of the automotive market showed improvement, there was a slight hiccup in conditions recently.
Overall vehicle sales dropped 1.8 percent in September compared to the same month in 2012, a report from Kelley Blue Book noted. This brought the total figure to 1.17 million units, which was also more than 22 percent lower than in August.
"September 2013 new-vehicle sales represent the first year-over-year drop since May 2011, due to slower retail sales, two fewer sales days in the month, and this year's Labor Day sales included in August 2013 totals," said Alec Gutierrez, senior analyst at Kelley Blue Book.
It may be good for some consumers to keep an eye on their car insurance offering when purchasing a new vehicle, as they may be able to acquire something more affordable than they had in the past.