US new car prices return to pre-pandemic numbers amid supply recovery
Per Bloomberg
The prices of new cars in the US has seen a recovery to pre-pandemic numbers amid better market supply. This comes as supply-chain issues have been fixed, with carmakers increasing deals as annual new car sales increased to 15.6 million in June.
This increase was a 2.6 million growth from its 13 million new car sales during the same period of 2022. Charlie Chesbrough, Cox senior analyst, gave a statement regarding the changes as Cox Automotive increased its full-year forecasts to 15 million.
In March, its full-year forecasts sat at just 14.2 million.
Chesbrough: “Pent-up demand from individuals and business that couldn’t find product last year is now being unleashed... Not only has supply returned to the market, but so has discounting.”
In March, it was reported that Kelly Blue Book says that the average new car monthly payments almost doubled from 2019, reaching $777 during that time. During that time, it was reported that the monthly prices of used vehicles also increased an increase of up to $544.
This came as new vehicle average prices increased by 30% since 2019 during the time of the report. During that time, it was reported that an average price for a new vehicle would cost buyers almost $50,000.
See flow at unusualwhales.com/flow.
Other News:
- Kelley Blue Book says average new car monthly payments almost doubled from 2019 to a record $777
- New vehicle average prices have jumped 30% since 2019 to almost $50,000
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