New Car Sales Forecast To Plunge Over 20% Compared To Last May | Carscoops carscoops
The sales drop represents an $8.3 billion decrease in new vehicle purchases from May 2021 down to $45.4 billion, even though the average transaction price for a new car is expected to reach $44,832, a 15.7% increase over the same month last year.
Multiple factors are contributing to the low stock and high prices, such as the global semiconductor shortage and the struggle to restart production lines amid the global pandemic.Average Age Of Vehicles On U.S. Roads Rises To All-Time High At 12.2 Years Amidst Supply Shortages Thomas King, president of the data and analytics division at J.D. Power, said “The industry sales pace is being dictated by how many units are delivered to retailers during the month, and demand far exceeds supply,” adding “Record transaction prices are the result.”automakers can’t keep up
, and dealerships have significantly marked up any models that they have in stock as a result. While the news is bad for consumers, it’s not as devastating for dealerships, which have achieved record-high profits recently. According to J.D. Power and LMC Automotive, the higher prices have more than offset the decline in sales. Prices should decrease by the second half of 2022 when most automakers are planning to ramp up production, but that doesn’t mean that they’re actually going, according to King.
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