Automakers are likely to be in for a disappointment on Tuesday as the latest monthly sales numbers are released. Industry watchers expect a 3 percent year-over-year decline for June — and a similarly weak performance for the first half of the year.
“The growth in prices has been nothing short of remarkable,” said Thomas King, Power’s director of data and analytics. “Average transaction prices set a record during the first half, which has big implications for manufacturer revenues.” One big warning sign is the fact that the typical light duty vehicle is now nearly 12 years ago, a record, according to consulting firm IHS Markit. That’s up by about 4 percent over the past five years, showing that motorists are keeping vehicles longer, rather than scrapping them or trading them in.
The irony is that all that new technology, as well as the higher level of standard equipment in today’s vehicles, has played a key factor driving up new car prices to record levels, driving many potential new vehicle buyers out of the market.
New vehicle suck, no horse power. 3 vehicles over 20 yrs old. 2000 3/4 ton Chevrolet 99 RAM 1500 4x4 97 jeep Cherokee SE Just put crate motors in 2. Another 300,000 miles each. Just rebuild 09 YZ125 with a 144 kit. 88 Polaris RZR gotta new clutch... Same lawnmower for 15yrs
They need to lower interest rates for all wed by them!
For the people responsible with money, it has nothing to do with rising prices. I know this is a crazy concept in today's world but most people actually use items until they're warn out before replacing them.
OriginalBonddad You know why people aren't buying new cars? Because the economy isn't as great as the current president claims it is.
Darn and more cars are the street would be so helpful for all.