The average transaction price of a new car hit an all-time record in August, increasing 3.2 percent from the same time in 2012.
"Historically low interest rates as well as very attractive lease specials fueled by high resale values are enabling consumers to buy more expensive vehicles while still keeping payments at affordable levels," said Jesse Toprak, senior analyst for TrueCar, according to USA Today.
The new high, approximately $31,252, is also up $164 from July according to TrueCar.com.
TrueCar's estimate can be attributed to five companies that each increased prices significantly last month: Chrysler, Ford, Honda, Nissan and Volkswagen.
Transaction price includes everything from the price of the vehicle, add-ons, taxes, and discounts.
"It's good day at the office for the manufacturers when the sales continue to grow double digits while transaction prices reach record highs," said Toprak.
The previous industry record was $31,228, set back in Dec. 2012.
Related Articles:
Tiny Gardiner Frog Hears With Its Mouth (VIDEO)
Walkie Talkie Building Reflection Strong Enough to Melt Nearby Parked Cars (VIDEO)
2013 Frankfurt Auto Show Update: 2014 Nissan X-Trail Photo Teased Before Debut
NHTSA to Investigate 2013 Nissan Pathfinder, Infiniti JX Over Transmission Fluid Problem
Max Papis Suffers Dislocated Jaw After Being Slapped by Rival's Girlfriend (VIDEO)
See Now: OnePlus 6: How Different Will It Be From OnePlus 5?
