Americans Spent $34,077 On Average On New Vehicles In 2016, An All-Time High

A new study has found that on average, Americans spent $34,077 when purchasing a new vehicle this year.

Edmunds reports that this figure represents a 2.7 per cent increase over 2015 and a 12.6 per cent increase over the average price from 2011. Next year, the average vehicle transaction price is expected to increase to around $35,000.

The rise in average prices is being attributed to the increasing popularity of light trucks which currently make up 62 per cent of the market.

According to the executive director of industry analysis from Edmunds, Jessica Caldwell, “Although automakers have ushered in a crop of smaller, lower-priced vehicles, strong market demand for SUVs and trucks have caused overall prices to rise . This is yet another example of how trucks and SUVs are driving change in the market and influencing every part of the industry.”

Alongside the rising popularity of trucks and SUVs, leasing options are now being used by more consumers than ever before. So far in 2016, leasing accounted for 31 per cent of the new vehicle market.

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