November transaction prices rise to highest levels in almost a year

December 3, 2012 12:00 AM

The price tag for automobiles during the month of November came in at an estimated $30,832, according to the car pricing company TrueCar, marking an increase when compared to October 2012 and November 2011.

The average transaction price was up $335 from November of last year and $346 from October, both equaling a 1.1 percent increase. Sales were particularly strong for Chrysler, which saw a 14 percent increase for the month compared to November 2011, USA Today reports. Other noted U.S. automakers, Ford and GM, also managed increases of 6 percent and 3.4 percent, respectively.

"Industry average transaction prices climb once again with customers' continued appetite for highly contended vehicles," said Jesse Toprak, a senior analyst at TrueCar. "Today's consumers value a nicely equipped vehicle as much as they do a low cost of ownership. Automakers are getting better at providing all the modern conveniences consumers come to expect for more of their models..."

While the prices may be rising, that doesn't mean drivers will be shunning new models in favor of getting auto repair to fix up their current rides. The average amount of incentives also increased in November, making it slightly more affordable to purchase a new car. 

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