New car prices reach a high in March

April 4, 2013 12:00 AM

Auto sales in the U.S. continued to rise in March, with the average new car transaction price reaching upwards of $31,000. TrueCar, Inc. reports that the average price for light vehicles in the U.S. was $31,087, which is an increase of 1.1 percent from the same month last year and up 0.4 percent from February. 

Although fuel prices throughout the month remained relatively high, it didn't deter buyers from purchasing a large number of trucks and SUVs, International Business Times reports. Also playing a factor was the rebounding economy, which gave consumers some confidence that may have been lacking in February as rumors about the fiscal cliff and sequester dominated the headlines. 

"Manufacturers continue to benefit from consumers' insatiable appetite for highly contented new vehicles, as shown by average transaction prices exceeding $31,000 in March," said Jesse Toprak, a senior analyst for TrueCar. "Coupled with flat incentives spending and higher volume, near-record transaction prices herald positive earnings news for the industry." 

While these rising prices may be good news for the auto industry, it can be detrimental to drivers who are considering purchasing a new car on a budget. Vehicle maintenance can extend the life of a car until a driver is ready to go all in on a new automobile, however, which can be helpful for many motorists. 

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