Average price of new light vehicles in US hit high in 2016; driven up by trucks; cars moving in opposite direction
The average price of a new light vehicle (including both cars and light trucks) was up to a record $31,790 in 2016, up from the most recent low of $28,243 in 2008. However, the price increase is driven by light trucks, with the $35,289 average truck price for 2016 beaten only by the $35,997 average in 2015, according to data gathered by the US Department of Energy (DOE).
Twenty years ago, prices for cars and light trucks were similar, but car prices have steadily decreased while truck prices have increased. The average price for cars in 2016 was $25,774—similar to $25,750 in 2015 and $25,747 in 2014, and down from a high of $29,808 in 1999. Prices are sales-weighted average transaction prices adjusted for inflation.
Light truck and all light vehicle data are not available before 1987. Light trucks include classes 1-3. Average prices are estimated transaction prices based on sales for selected models. Prices are collected for the base price, destination charge, options, dealer preparation charges and applicable taxes and are adjusted for markups, dealer concession or discounts, and consumer rebates. Finance charges or finance incentives are excluded.
|Source: DOE. Click to enlarge.|