New-Car Purchase Price Speeds to Record High

What's Hot


The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

How a Mexican Tariff Will Boost the Cost of 6 Common PurchasesFamily

This Free Software Brings Old Laptops Back to LifeMore

How to Protect Yourself From the ‘Can You Hear Me?’ Phone ScamFamily

Report: Walmart to Begin Selling CarsCars

Where to Sell Your Stuff for Top DollarAround The House

Is Your TV Tracking You? Here’s How to Tell — and Prevent ItAround The House

11 Staging Tips to Help You Get Top Dollar When Selling Your HomeAround The House

21 Restaurants Offering Free Food Right NowSaving Money

20 Simple Hacks to Make Your Stuff Last LongerAround The House

4 Car Insurers That Might Raise Rates Even When the Accident Wasn’t Your FaultCars

How to Invest If Trump Kills the ‘Fiduciary Rule’Grow

12 Surprising Ways to Wreck Your Credit ScoreBorrow

8 Tuition-Free U.S. CollegesCollege

These Are the 25 Best Jobs in the U.S.Jobs & Work

9 Secret Ways to Use Toothpaste That Will Make You SmileAround The House

The 2 Types of Music That Most Improve Dog BehaviorFamily

Demand for pricier light trucks is putting a strain on the used-vehicle market.

Americans are spending a record amount of money — $34,077 on average — to hit the road in a brand-new car or truck.

That’s a 2.7 percent increase from 2015’s average new-vehicle purchase price, and a whopping 12.6 percent jump from 2011, according to Edmunds.com. The average purchase price of a new car in 2017 is expected to top $35,000.

An increase in the sales of light-duty trucks — which Edmunds says now make up 62 percent of the new car market — is driving the rising price of a new-vehicle purchase. Light trucks are typically more expensive than passenger cars.

Jessica Caldwell, Edmunds executive director of industry analysis, says in a statement:

“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.”

Unfortunately, Americans’ increased demand for pricier light trucks is putting additional strain on the used-vehicle market. Caldwell explains:

“The flip side of this trend is that higher prices are putting a bit of a squeeze on the market for lower-cost, used vehicles. Our data shows that more people are looking for affordable older vehicles [on Edmunds.com] than are actually sold, driving up values and demand.”

In the market for a new car? Check out “11 Essential Tips for Buying the Right Car at the Right Price.”

Are you surprised by how much money Americans are spending on new vehicles? Sound off below or on Facebook.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: 50 Ways to Make a Fast $50 (or Lots More)

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,866 more deals!