Report: Detroit Three’s average transaction prices better than Japan, Korea

Filed under: Car Buying, Chrysler, Ford, GM, Earnings/Financials

Hyundai has had the largest jump in transaction prices so far this year, but the Detroit Three have made the kinds of gains they haven’t seen in years. Overall, according to Edmunds.com data, consumers spent an average of $29,217 on a car through the first five months of this year, with the domestics all meeting or exceeding that number. Only Chrysler fell a hair short, with an average transaction price just seven dollars below the industry average. However, all three Detroit companies posted percentage increases that beat the industry.

While the popularity of full-sized pickups, crossovers and SUVs has made a difference for Ford, General Motors and Chrysler, the “more disciplined approach” to running their business caused by the recession and their own financial issues, has also been credited for reducing inventory and incentives. Additionally, buyers with good credit make up more of the consumer pool now, and they’re choosing more technology and options for their cars. If they keep this up they might one day be The Big Three again. Eventually…

[Source: Detroit Free Press | Image: Edmunds.com]

Report: Detroit Three’s average transaction prices better than Japan, Korea originally appeared on Autoblog on Tue, 13 Jul 2010 09:32:00 EST. Please see our terms for use of feeds.

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