ATLANTA — The "Cash for Clunkers" program brought some of the best sales so far this year for automakers, but also some of the highest average asking prices on new vehicles, according to a new report from AutoTrader.com.
As dealer inventories of new cars shrank due to the overwhelming success of the federally-funded program, average asking prices for new vehicles generally crept up across the board, with only a few models noting slight declines, according to the auto classifieds marketplace and consumer information Web site. Some of the largest increases in pricing were registered by Ford, which saw a 16 percent average price increase on the new F-150 full-size pickup, and a 13 percent average price increase on the new Fusion midsize sedan.
"With inventories having been cleared out by ‘Cash for Clunkers,’ consumers will find that the playing field between dealers and shoppers is more level than it was six months ago," said AutoTrader.com President and CEO Chip Perry. "But it still remains a good time to buy a car, both in terms of manufacturer incentives, and the demand for quality used vehicles, which provides consumers negotiation space when trading in a car or truck."
“Cash for Clunkers” drove site activity on AutoTrader.com, with August marking the eighth consecutive month that the site saw its unique monthly visitor count top 15 million. In August, AutoTrader.com attracted a total of 15.5 million unique monthly visitors, a 10 percent increase in traffic compared to August 2008.
