New Vehicle Sales Continue Downward Slide in April, Edmunds Forecasts
Analysts say April will be the worst auto sales month in at least 30 years due to the coronavirus pandemic.
Analysts say April will be the worst auto sales month in at least 30 years due to the coronavirus pandemic.
According the new analysis, global light vehicle sales are now forecast to be 69.6 million units this year in the wake of the pandemic.
Although used vehicle prices have risen steadily in recent years due to a deluge of off-lease, option-rich SUVs, and trucks hitting used lots, experts say this trend is set to hit a turning point, according to new research from Edmunds.
Analysts forecast a SAAR of 11.9 million in March due to market disruptions caused by the COVID-19 crisis.
New light-vehicle sales in February were strong, with a SAAR of 16.83 million units for the month—an increase of 1.9% compared to February 2019. Raw sales volume topped 1.3 million units, an increase of 8.4% compared to February of last year.
Global light vehicle sales figures from the first month of 2020 show just 6.2 million were sold in January, the lowest monthly figure since January 2012.
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Although the average interest rate on a new-vehicle loan is expected to drop year over year, analysts say rates will hit 3-month high as automakers curtail promotional deals, 0% finance offers.
January to see modest declines despite record incentives.
Seasonally slow start expected for U.S. auto sales.
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