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Interest rates on new vehicles averaged 6.2% in October 2018, according to Edmunds.(Photo: Thinkstock)

Rising interest rates and rising prices are beginning to dampen US auto sales.

Although the sector remains solidly profitable despite the strength of the economy, buyers bought fewer vehicles in October than they had done a year ago, according to analysts' estimates.

Analysts at Edmunds.com and Cox Automotive forecast declines in sales of 2.1% and 1.9%, respectively.

Interest rates on new vehicles averaged 6.2% in October, up 1.3 percentage points from the previous year and the highest since January 2009, according to Edmunds.

Edmunds said only 3.8 percent of buyers had zero-interest loans in October, up from 7.5 percent a year earlier.

Federal Reserve interest rate hikes, which aim to prevent overheating of the economy, have resulted in increased borrowing costs for buyers.

"It is becoming harder for buyers to buy a new car, and if the economy starts to weaken, we would be seeing significant impacts on the auto market." said Jeremy Acevedo, Edmunds' manager of the analysis of the industry, in a statement.

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It is also becoming more expensive to get a new ride. The average transaction price of a new vehicle sold in October was $ 37,007, up 3% from the previous year, according to Cox Automotive.

An important factor: Americans are buying more SUVs and crossover vehicles, which are more expensive than the cars they are abandoning. This pushes the average upwards.

In addition, the emergence of the Tesla Model 3 electric car as a significant force in the luxury sedan market begins to drive up average prices of the industry. The starting price for the car in the third quarter was $ 49,000.

Here's how the major builders behaved in October:

General Motors

Edmunds forecast: -8.8%

Cox Automotive forecast: -9.4%

Current results: GM no longer reports monthly sales figures, but publishes results quarterly.

Ford engine

Edmunds forecast: -5 percent

Cox Automotive forecast: -9.9%

Current results: -3.9% (192,916 vehicles)

Ford said its average transaction price reached an all time high of $ 36,800 in October, marking an increase of $ 1,400 over last year.

One of the main reasons: SUV sales increased by 6.7%. Vehicles like the Ford Explorer, the Ford Expedition and the new Ford EcoSport have led the way.

The increase in average prices was also driven by the fact that Ford sold 17.1% fewer passenger cars, which are generally less expensive than SUVs and trucks.

Overall, the brand of the same name was down 3.4%, while the luxury brand Lincoln dropped 15%.

Fiat Chrysler

Edmunds forecast: 9.2 percent

Cox Automotive forecast14.8 percent

Current results: 15.7% (177,391 vehicles)

The Fiat Chrysler Jeep brand has continued its momentum as Americans are turning more and more to the SUVs for which they are known. The brand saw its sales increase by 8.5% to 72,800 vehicles.

Most of the manufacturer's lineup has had a good month. Ram was up 14%, Chrysler 20.6%, Dodge 38.4% and Alfa Romeo 44.1%.

The Alfa Romeo Stelvio has more than doubled to 902 vehicles, making it the bestseller of the brand.

The Fiat brand has lost 34.9%.

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Edmunds forecast: not provided

Cox Automotive forecast: not provided

Current results: Although Tesla does not publish sales on a monthly basis, the company sold 83,500 vehicles in the third quarter, including 55,840 models 3, covering the months of July, August and September.

That's averaging nearly 28,000 people a month, a pace that accelerates as Tesla increases its pace of production.

In comparison, the company sold more light vehicles in the US than Mercedes-Benz in the third quarter.

Toyota

Edmunds forecast2.3 percent

Cox Automotive forecast: -7.7%

Current results: 1.4% (191,102 vehicles)

Sales of Toyota passenger cars continued to drop, falling 10.8% to 66,928. However, sales of pickup trucks, SUVs and crossovers increased 2.7% to 124,174.

Almost two out of every three Toyota vehicles sold in October were pickup trucks, SUVs or crossover vehicles.

Corolla, Prius and Avalon posted declines of 14.2%, 21.4% and 21.5%, respectively.

But the Highlander and 4Runner SUVs rose 13.2% and 8.8% respectively, peaking at unprecedented highs for October. At the same time, the Toyota Tacoma mid-size pickup truck continued its momentum with sales of 20,534 units, up 24.9%. It's Toyota's fourth best seller since the beginning of the year.

Honda

Edmunds forecast: -0.6 percent

Cox Automotive forecast: -1.8%

Current results: -4.1% (122 182 vehicles)

Honda passenger car sales continue to fall, down 14.5% for October. Sales of all other vehicles increased 6.5%.

Despite rave reviews, the Honda Accord dropped 11.1% for the month. It is down 13.9% so far this year.

But the Honda Pilot SUV is part of the lost ground. Its strong trend continued in October with sales up 31.1%.

Overall, the Honda brand lost 5.3%, while the luxury brand Acura increased 7.3%.

Nissan

Edmunds forecast: -13.2%

Cox Automotive forecast: -6.5%

Current results: -10.6% (109,962 vehicles)

Nissan's total passenger car sales dropped 23.5%, illustrating the depths of the crisis in small cars. That included a 25% drop in the Altima sedan, which was once Nissan's best selling vehicle.

The company's SUVs, crossovers and vans collectively grew 0.8%.

The Nissan brand lost 13%, while the luxury brand Infiniti grew by 15.4%.

Hyundai-Kia

Edmunds forecast1.7%

Cox Automotive forecast: 1.6 percent

Current results: not yet available

Volkswagen Group

Edmunds forecast: 1.2 percent (does not include Porsche)

Cox Automotive forecast: 0.2 percent

Current results: not yet available

Subaru

Edmunds forecast: not provided

Cox Automotive forecast1.8 percent

Current results: not yet available

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.

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