Challenges related to affordability became more pronounced as the average transaction prices for new vehicles reached their highest point since December 2023 in April. This increase was primarily driven by a decrease in incentives, coupled with a reduction in credit accessibility. The average transaction price (ATP) for new vehicles went up by 2.2% on a monthly basis, reaching $48,510, which represents a 0.5% decrease compared to the previous year, according to Kelley Blue Book. Despite […]
**FAQ**
1. What factors contributed to the increase in average transaction prices for new vehicles in April?
– The increase in average transaction prices for new vehicles in April was primarily driven by a decline in incentives and a decrease in credit access.
2. How much did the average transaction price for new vehicles increase by on a monthly basis?
– The average transaction price for new vehicles increased by 2.2% on a monthly basis in April.
**Conclusion**
The rise in average transaction prices for new vehicles in April, coupled with a decrease in incentives and credit access, has resulted in increased affordability challenges for consumers. It is important for consumers to carefully consider their budget and financing options when purchasing a new vehicle in order to make an informed decision.
