Good News for Buyers—Bad News for Borrowers

Dealer inventories are getting back to pre-pandemic normal, but Cox Automotive projects a small sales increase this year.

New vehicle supply in the US is just about up to pre-pandemic levels, although inventories remain low for Honda and Toyota, according to Cox Automotive.Higher inventory levels overall pushing a return to substantial discounts off of the sticker price is offset by the high interest rates set by the Federal Reserve in its battle against post-pandemic inflation.“I’m a believer that we should be cutting rates by three or four times,” said Cox Chief Economist Jonathan Smoke.

“Economy” remained second in this Cox survey, though down six points to 55%, and “market conditions” was third, down eight points to 40% .With inventories up and thus average transaction prices down, dealers “will have their fourth-most profitable year,” Smoke said, and the overall dealer mood is better than the data from Cox’s Sentiment Index.Tesla vs.

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