Significant GlobalData
• The average new-vehicle retail transaction price in August is expected to reach $45,537, down $566 from August 2022. The previous high for any month,$47,362, was set in December 2022.
• Average incentive spending per unit in August is expected to reach $1902, up from $953 in August 2022. Spending as a percentage of the average MSRP is expected to increase to 4%, up 1.9 percentage points from August 2022.
• Average incentive spending per unit on trucks/SUVs in August is expected to be $1813, up $831 from a year ago, while the average spending on cars is expected to be $1483, up $638 from a year ago.
• Retail buyers are forecast to spend $47.8 billion on new vehicles, up $5 billion from August 2022.
• Truck/SUVs are on pace to comprise 78.6% of new-vehicle retail sales in August.
• Fleet sales are expected to total 245,785 units in August, up 45.6% from August 2022 on a selling day adjusted basis. Fleet volume is expected to account for 18.1% of total light-vehicle sales, up from 14.4% a year ago.
• Average interest rates for new-vehicle loans are expected to increase to 7.3%, 182 basis points higher than a year ago.