Managing Money :: Cars sold today average $29,217 in price

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Released: July 12, 2010

Cars sold today average $29,217 in price

Source: Brent Snavely, Detroit Free Press (Free Registration)

While sales of cars and trucks in the U.S. continue to be more sluggish than expected, automakers — especially the Detroit Three — are enjoying the largest increase in average transaction prices in more than five years.

Industrywide, consumers spent an estimated average of $29,217 for their new cars or trucks from January through May — an increase of $1,057, or 3.7%, compared with last year, according to estimates provided by Edmunds.com. Edmunds’ estimate is based on a sampling of data from about 40% of U.S. dealers.

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