Sales of new cars rose in March, but that's not the only good news for automakers - the average price of vehicles was up as well, according to TrueCar.
The automotive analysis firm's metrics show that the average price of a new car sold in March was $30,748. That's nearly $2,000 more than the previous March and approximately $150 higher than February.
Many automakers scaled back incentives and rebates throughout the month as more drivers flooded dealerships, increasing the average price of the vehicles sold.
"The auto manufacturers have finally found their sweet spot, with the production of vehicles meeting the demand of consumers, keeping incentives to a minimum," said Jesse Toprak, VP of Industry Trends and Insights for TrueCar.com. "This led to the highest transaction prices in the industry in March, along with record highs for Chrysler, GM, Hyundai/Kia, and Nissan."
With the higher prices being paid for new cars, those considering a vehicle purchase may want to hang on to their current automobile instead. Investing in auto maintenance and taking care of car repairs is likely more economically feasible than buying a new car for many drivers.