Manufacturers assign certain price tags to their vehicles, but the cost to consumers tends to vary, as additional features can drive the costs higher, while incentives may lower the sticker prices. This means the average transaction price for consumer vehicles fluctuates, and the most recent report by TrueCar.com indicates July saw a 0.5 percent decline compared to June. Last month, the average price paid for a new car was $30,369, which is $139 less than in June, but $487 more than in July 2011. The reason the price has increased in the past year may be due to dealers putting more emphasis on financing than cash incentives.

"Even though automakers may give the impression that they are ramping up incentives spending, the very low cost of funds and historically high resale values are in fact enabling them to create a ton of noise with fewer actual dollars spent," said Jesse Toprak, vice president of market intelligence for TrueCar.com. "Manufacturers are increasingly moving away from cash incentives and pushing finance and lease programs, which – along with consumers continuing to buy highly optioned out vehicles – is helping with sustained high level of transaction prices."

The ratio of incentives to transaction prices has declined from June to July, and last July was higher than the same month this year as well. As many dealers are leaning away from incentive offers, drivers may want to consider buying used cars to find the savings they were looking for in new cars. New Jersey Auto Auction has a range of used vehicles, including many from the 2012 model year. All of the cars on the lot have been CARFAX certified, and the dealer offers guaranteed credit approval thanks to a partnership with the Credit Acceptance Corporation.