New vehicles sales in May grew by 4.8% on a year-over-year basis in May, while average incentive spend increased for the 38th month in a row.
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Used vehicle sales decreased 2% year-over-year in April, in large part due to two fewer selling days compared to the year before, noted Cox Automotive in its May 2018 Industry Update.
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Used-vehicle sales will rise and new-vehicle sales will fall in 2018, while total sales will reach 56.2 million, which would represent a second year of declines for the automotive industry, according to a Cox Automotive forecast.
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The average transaction price of a new car in April was $35,411, a 2% increase year-over-year, according to a Kelley Blue Book report.
Read More →Edmunds is forecasting 1,335,313 new vehicles sales through April, representing a 19% decline from March and a 6% decline from the same time last year.
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The average interest rate for a new-vehicle loan in the first quarter of 2018 was 5.7%, according to Edmunds, up from the same time in 2013, when new-vehicle interest rates averaged 4.4%.
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The average transaction price for a new vehicle in March reached $35,285, 2% higher when compared to the same time last year, according to a Kelley Blue Book announcement.
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The Volkswagen Group, General Motors, and Toyota Motor Company are three of the OEMs that experienced the highest rise in average transaction price. Respectively, the three OEMs saw average transaction prices rise 7.1%, 3.5%, and 3.4%.
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The auto industry sold 17.2 million new vehicles in 2017, 1.8% less than in 2016, breaking a seven-year streak of year-over-year sales growth, according to data from Motor Intelligence.
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The average transaction price for a new vehicle reached $36,113 in December in the U.S., a 1.6% increase from the same time last year and a 0.2% increase from the previous month, according to Kelley Blue Book.
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