Average New Vehicle Cost $22,400 In 1997
Americans spent an average of $22,400 on new vehicles last year, a 3 percent increase from 1996, the National Automobile Dealers Association said Wednesday.
The increase was because people bought more expensive cars and light trucks, not because vehicle prices rose, said Tom Webb, senior economist for the dealer group.
Luxury car sales rose 6.5 percent last year, even though car sales in general fell 3 percent. Americans also bought a record number of sport-utility vehicles, pickups and minivans - a category known as light trucks - which are generally more expensive than cars.