Despite elevated vehicle prices, soaring interest rates and high inflation, there are no signs that demand is falling off yet.
See how Cox Automotive scored when its earlier outlook met the economic and market realities so far this year.
IARA Summer Roundtable: Auto sales and transactions reap more stats, info, and input than ever, but it’s not useful unless you can apply it to business.
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?
But don't get too excited. Days supply is still far below historical levels and production has yet to catch up to demand.
IARA Summer Roundtable: A panel of economists laid out a mash up of economic indicators and remarketing industry signals that show the worst is over since 2020. But how much improvement lies ahead?
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.
At the end of March, the average listing price was $27,246, off record levels in December when it surpassed $28,000. The list price was down some from the end of February when it was a revised $27,609.
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.
Analysis: A big drop of 20% to 30%, as one report suggests, is highly unlikely. History tells us a decline of more than 10% is rare indeed.
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