NPD Auto Parts and its parent company, Auto Parts Alliance, announced Wednesday that the price of new-model cars rose to $2,200 from $1,800.
NPD says the rise was due to an increase in supply.
“We expect this trend to continue and continue to grow, and that demand will continue to increase as consumers seek more affordable auto parts and accessories,” NPD President and CEO Dan Dickson said in a statement.
Auto parts manufacturers were expecting to see prices rise in the first half of next year, according to a February report from The Associated Press.
The AP reported that Ford and GM’s demand for parts rose more than 400 percent from 2015.
NPD expects to report adjusted first-quarter revenue in the quarter ending March 31.
The company’s revenue fell 5.1 percent in the third quarter.