Report: New-vehicle purchase price on the rise

The average purchase price of a new car is on the rise, according to a recent report from automotive analysts at truecar.com.

The average transaction price for passenger cars and trucks in the United States was $31,087 last month, up $339 from March 2012. Transaction price, or the out-the-door price, includes taxes, titles and fees.

TrueCar senior analyst Jesse Toprak said this trend shows that consumers are either seeking higher contented vehicles, or opting for more expensive cars, such as buying a full-size sedan instead of a compact one.

Among the industry's top-eight manufacturers, the Volkswagen group, which notably includes Audi models, had the highest average transaction price in March, at $33,871. Hyundai and Kia models had the lowest, at $22,646.

While the VW group represents the top end, the Toyota Motor Corp., which includes Lexus and Scion, increased the most from last year, up almost $1,500 to $28,892.

Toprak said last year that Toyota sold cheaper vehicles to replenish their inventory while still recovering from devastation caused by natural disasters in 2011, so the increase is due in part to more of their expensive models are being sold again.

"They're doing well in the marketplace, and their incentives are in check," he said.

Inversely, some cars aren't selling for as much as they did last year. Nissan/Infiniti's average transaction price was $408 higher last year at $28,322, despite a redesigned Altima midsize sedan, and General Motors models cost $201 more on average last year, at $33,289.

Toprak said GM's car mix this year has been stronger, and while that creates a better balanced portfolio, it also impacts average transaction price.

TrueCar estimates industry incentives averaged $2,523 per vehicle in March, basically unchanged from February and down just $44 from March 2013.

And while shoppers are paying more for their vehicles, Toprak said the increase in transaction prices is good news for resale, as a higher transaction prices keep a vehicle's value high.

By Angie Fisher