WASHINGTON ( TheStreet) -- If an automaker's big strategy is to raise prices and sales drop off immediately as a result, chances are the car-buying public thinks some of those vehicles are way overpriced.U.S. car sales fell 3.7% in May to 1.06 million, which puts automakers well off the 13 million sales pace initially predicted for the year. That's due in no small part to the $29,817 average transaction price car data firm TrueCar posted for May. That's the highest average selling price for automobiles since 2002 -- just the latest aftershock of earthquakes in Japan that resulted in tsunamis that killed tens of thousands of people, created a nuclear crisis and crippled the country's energy supply.
5 Most Overpriced New Cars of 2011
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.