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By MarketWatch
The average transaction price for light vehicles in the U.S. rose 2% in May from a year earlier as auto makers continued to offer fewer incentives, according to TrueCar Inc.
The online automotive-information provider estimated the average transaction price rose to $30,978 last month from $30,360 last year and was up 0.6% from April.
TrueCar also estimated the average incentive for light vehicles was $2,482 in May, down 3% from a year ago and 1.7% below April.
"Consumer confidence is the highest it's been since 2007, helping keep demand for new vehicles very stable, and moving transaction prices upward overall," said senior analyst Jesse Toprak.
The ratio of incentives to average transaction price declined to 8% in May from 8.4% last year and 8.2% in April.
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