See how Cox Automotive scored when its earlier outlook met the economic and market realities so far this year.
Analysis: The Fed wants to see less credit flowing as part of their plan to induce pain, and it's working. Are they taking enough time to see the effects of their moves before doubling down?
NAAA Remarketing Outlook: High vehicle prices, low inventory, solid resale values, and an enigmatic economy are taking the normality out of used and new vehicle sales.
But don't get too excited. Days supply is still far below historical levels and production has yet to catch up to demand.
The average price paid for a new vehicle in America now tops $48,000. Supply of popular segments – like subcompacts, hybrids and EVs – remain low.
Sales into commercial fleets were up 37% and sales into government fleets were up 28% last month compared to August 2021.
The average price for a new electric vehicle – over $66,000, according to Kelley Blue Book estimates – remains well above the industry average and more aligned with luxury prices versus mainstream prices.
Production will increase with an easing of the chip shortage later this year and sales will rise. Prices will stay high but likely off their records.
But average transaction prices still linger above MSRP as supply holds steady at the same level since Thanksgiving and customer demand remains strong.
Sales of pure battery-electric vehicles jumped 72% to a record 147,799, the best quarter ever for EVs.
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