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But analysts predict used vehicle prices will remain higher than pre-pandemic prices for years to come.
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Service activity increased while service revenue decreased slightly at U.S. franchised dealerships in October, according to the latest Cox Automotive analysis of Xtime metrics.
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According to the Cox Automotive forecast released today, October’s U.S. new-vehicle sales volume is expected to rise over 4% from last year and finish with 1.11 million units sold, delivering a sales pace for October of 14.3 million.
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Cox Automotive believes the likely range of severely damaged vehicles that could need replacement is between 30,000 and 70,000 vehicles.
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Certified pre-owned sales fell over 11% year-over-year in September and are off 5% since August, finds a Cox Automotive analysis of Motor Intelligence data.
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Sales into large fleets, not including sales into dealer and manufacturer fleets, decreased 4.6% month over month in September to 122,586 units, according to an early estimate from Cox Automotive.
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The average interest rate paid on a new vehicle purchase hit 5.7% in September, up from about 4% in 2021.
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Cox Automotive's quarterly review allows us to see how the market has progressed compared to expectations.
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September U.S. auto sales, when confirmed next week, are expected to show a new-vehicle market mostly unchanged from previous months and still stuck in low gear.
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