When drivers are looking to afford a vehicle purchase, they may be trying to balance out the price of the car up front with other, less expensive options. This can include cheap car insurance quotes along with manageable gasoline prices. More drivers may prioritize these items, as the cost of getting a vehicle may be becoming more of an issue.
The average price of a vehicle during October was $30,798, according to a report from TrueCar. This was 1 percent - or approximately $312 - higher than the same month in 2012. The figure was also more than 0.7 percent higher than one month previously.
"Expect to see incentives to jump in the fourth quarter - competition for market share will be fierce," said Jesse Toprak, senior analyst for TrueCar. "Average transaction prices continue to hover around record levels thanks to the consumers' demand for vehicles loaded up with options."
When separating manufacturer price performance during the month, Volkswagen, General Motors, Toyota, Ford and Chrysler all reached record levels, the report explained. Volkswagen had the highest price average in October, with a figure of nearly $35,530. The lowest price from a major manufacturer was Hyundai/Kia, which averaged less than $22,500.
October car sales rise markedly
While prices continue to jump, the level of sales also are on an upward slope. According to a report from Kelley Blue Book (KBB), projected sales for October are 11.7 percent higher than one year earlier, bringing the current level to 1.22 million units. The latest measurement would also be nearly 7.5 percent higher than in September.
"The government shutdown didn't impact consumers growing appetite for buying new vehicles," said Alec Gutierrez, senior analyst for KBB. "The expectations were that car buyers would wait on the sidelines, but because of pent-up demand and credit availability, car sales are expected to increase 7 percent from last month."
With these gains, it should bring October's seasonally-adjusted annual rate of sales to 15.4 million units, the report noted. This would be an improvement from September's 15.2 million units and 14.3 million units.
General Motors sold the most vehicles during the month, as it registered approximately 212,000 units, the report added. Volkswagen Group had the lowest recorded level, with close to 48,000 units sold in October.