U.S. new-vehicle sales rose only slightly in the second quarter, despite larger discounts and slightly lower prices.
A line of unsold 2024 Mustang Mach-E electric utility vehicles sit at a Ford dealership in Denver on May 19, 2024.
Analysts say inventories on dealer lots are building, especially for pickup trucks and other higher-priced vehicles. Together, automakers reported selling roughly 4.13 million new vehicles from April through June. That’s on pace to reach forecasts of nearly 16 million for the year, a little above last year’s 15.6 million.
“The stuff that’s very affordable, that’s where it’s at,” said Drury. “You really have to have an attractive product at an attractive price for it to move today.” “You’re seeing people search more and more for affordable vehicles. You’re seeing people searching for under $30K,” Roberts said. Ever since the coronavirus pandemic began early in 2020, autos have been in short supply as a shortage of vital computer chips hobbled production. Coupled with strong demand, the lack of cars drove average prices to a peak of near $50,000 by December of 2022.
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