High vehicle prices and borrowing costs are indeed sidelining U.S. car shoppers, contributing to another sluggish year for auto sales. Industry forecasts project 2024 U.S. sales at around 15.7 million units, slightly better than last year but still below pre-pandemic levels. In September 2024, the average new vehicle price was $44,467, down nearly 3% from last year, yet still significantly above pre-pandemic prices. Affordability concerns remain a key factor keeping many buyers from entering the market.
"High new-vehicle prices and borrowing costs are keeping some shoppers on the sidelines, pointing to what is expected to be another lackluster sales year for automakers."@christopherotts pic.twitter.com/lkkVAEvubo
— Daily Chartbook (@dailychartbook) October 7, 2024
Sources:
www.china.org.cn/world/Off_the_Wire/2024-10/02/content_117463397.htm
www.thestar.com.my/news/world/2024/10/02/us-auto-sales-idle-as-prices-remain-high