The buyers are not acting reserved – Federal or otherwise. Click to Enlarge.
New-vehicle retail sales for September 2022 are expected to increase when compared with September 2021, according to a joint forecast from J.D. Power and LMC Automotive. Retail sales of new vehicles this month are forecast to reach 958,948 units, a 5.4% increase when compared with September 2021. September 2022 has the same number of selling days compared with September 2021. Total new-vehicle sales for September 2022, including retail and non-retail transactions, are projected to reach 1,120,279 units, an 11.8% increase from September 2021. The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 13.6 million units, up 1.5 million units from 2021. (AutoInformed: US July Sales Forecast Down. Prices, Profits Still Records)
While there is much fretting about the Federal Reserve’s monetary tightening, during September new-vehicle prices remain at the highest levels. The average transaction price is expected to reach $45,622 – a record for September. This is a 6.3% increase from a year ago and the fourth highest of any month on record. The increase in volume, coupled with record transaction prices, results in consumers tracking to spend ~$43.7 billion on new vehicles this month – the highest level ever for the month of September and a 12% increase from September 2021.
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Expanding EV Choices Increase Buying Consideration
The 2024 Equinox EV has range, space, technology. Click to Enlarge.
This just in – EV buying consideration data can be viewed a couple of ways as choices abound.
“Electric vehicle consideration is forecast to drop again in September as gas prices continue to fall and interest rates rise. The percentage of shoppers that are “very likely” to consider buying or leasing an EV in the next 12 months is 26.3%, down 1.7 percentage points from July,” says Elizabeth Krear, vice president, electric vehicle practice at J.D. Power. (AutoInformed: Record September for US New-Vehicle Spending at $45,622)
“Although these shoppers are easing off the pedal a bit, the percentage of shoppers who are “somewhat likely” to purchase an EV in the next 12 months increased 2.5 percentage points in August,” Krear notes. Continue reading →