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One-quarter of Americans say they will consider an electric vehicle for their next vehicle.
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Auto industry inventory levels sat between 1 million and 1.1 million vehicles for the sixth consecutive month in June, according to Cox Automotive.
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A recession won’t affect U.S. auto dealers and manufacturers until the 12- to 18-month range, says Jonathan Smoke, chief economist-Cox Automotive.
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According to the Cox Automotive June sales forecast, the seasonally adjusted annual rate (SAAR) of new-vehicle sales this month is expected to hit 13.8 million, up from last month’s 12.7 million pace but well below last year’s 15.5 million level.
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Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) were essentially unchanged from May after the first 15 days of June.
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U.S. automobile dealer sentiment in the second quarter of 2022 softened as U.S. auto dealers’ attention turned to inflation, high costs and tight inventory, marking the fourth straight quarter-over-quarter decline in market sentiment.
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All major market segments saw seasonally adjusted prices that were higher year over year in May, except for pickups.
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Gas prices hit an all-time high of a national average of $4.67 on June 1, driving consumers to consider electric vehicles, hybrids and smaller, more fuel-efficient gas-powered models.
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New-vehicle affordability declined slightly in April despite revised data indicating stronger income gains, according to the latest Cox Automotive/Moody’s Analytics Vehicle Affordability Index.
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Cox Automotive has been researching the car-buying process for 12 years and, with the release of this new study, is diving into the financing aspect of the car buying process for the first time.
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