Tuesday, 05 January 2021 11:43

Average Price for a New Vehicle in the U.S. Hits Record High

Written by Joseph Szczesny, The Detroit Bureau


...$53.3 billion, up $10.1 billion from December 2019 and $6.6 billion over the previous record of $46.7 billion in August 2019, the report added.


Thomas King, president of J.D. Power’s data and analytics division, said, ““December’s performance closes the year on multiple positive notes. Retail sales are up, transaction prices are at record levels and retailer profits are at all-time highs. This reinforces that manufacturers and retailers are succeeding in getting vehicles built, shipped and sold in alignment with resilient consumer demand."


Overall, retail sales for new vehicles in December are projected to total 1.4 million units, a 1% increase compared with a year ago when adjusted for selling days. December 2020 contains three more selling days and one more selling weekend than December 2019, according to the monthly estimates prepared by J.D. Power and LMC.


Comparing the same sales volume without adjusting for the number of selling days translates to an increase of 13.1% year over year.


We thank The Detroit Bureau for reprint permission.


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