We had Good news for automakers! A new report from JD Power-LMC Automotive says that new car sale will increase in September. The report says it’s due to spending by US consumers more money for new cars than any other September (since monthly records began to be tracked).
Based on Reuters, high car prices and the lack of any kind of discount really doesn’t have any negative impact on the demand for new cars…which really confuses me. But hey, you guys are friends. Those prices have been reducederect, of course, with all that High demand coupled with low inventory.
The study shows that new car retail sales are estimated to be around 958,948 units. This number appears to have increased by 5.4% from just a year ago.
“Transaction prices are still up and consumers are spending more money on new vehicles this month,” said Thomas King, president of data and analytics at JD Power.
King added that auto sales have not yet begun to feel the impact of the Fed’s efforts to contain inflation.
September’s seasonally adjusted annual rate for total new car sales is expected to be 13.6 million units, up 1.5 million units from 2021, the report found.
However, the report argues that unit pricing and profitability could decline in the coming quarters as broader macroeconomic conditions affect demand and pressure on affordability. pay.
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Reuters reports that new-vehicle sales for the third quarter of this year are supposed to hit about 2,900,300 units. That’s a little more than a four percent increase from the same time last year.
The outlet also says that Cox Automotive has cut its full-year sales outlook from 14.4 million vehicles down to 13.7 million vehicles. It also says Cox gave a warning that, while it hasn’t happened just yet, rising interest rates may begin to chip away at all of that pent-up, angry demand.
