It’s getting pretty expensive to buy a car.
Car data website TrueCar’s Automotive Lease Guide is forecasting that the average new car transaction price could hit a whopping $35,623, up 1.3 percent year over year.
That’s up $460 from last year, or $152 from October 2019.
Some of the most notable upticks are at Hyundai and Kia, where the average transaction price is expected to increase by 10 percent and nearly 9 percent, respectively, following the debut of their new SUV models, the Hyundai Palisade and Kia Telluride.
The overall ATP at Hyundai ticked up from $22,571 in November last year to $24,817 this year. For Kia, the overall went from $22,727 last year to $24,720 this year.
“Hyundai and Kia have shown enduring brand health this year bolstered by their dual SUV products,” Eric Lyman, ALG chief industry analyst, said in a statement.
It’s a similar story for luxury brands, with BMW’s ATP up nearly 5 percent, mostly driven by sales of its new X7 SUV, according to the data. The TrueCar ALG Retail Health Index, which measures automaker brand health, however, says most luxury brands, with the exception of BMW, are expected to be down this month compared to this time last year.
Honda and Volkswagen are down, dipping 2.4 percent and 2.2 percent, respectively. That’s “likely due to a consumer mix shift toward less expensive products,” the report notes. Nissan is expected to be down 3 percent because of its weakening retail demand.
Acura is also expected to trend down.
TrueCar is predicting U.S. revenue from new vehicle sales could hit nearly $50 billion this month, up 2.2 percent, or $1 billion, from last year and up 4.6 percent from last month. And the ratio of incentive spend for the industry is expected to land around 10 percent.