Lower interest rates, more incentives, and increased incomes could not offset the effects of higher prices, which drove down affordability.
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Used EV sales rose a whopping 63% so far year over year, while new EV sales increased about 14%.
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Many buyers waiting for the best deals realize now is the time to buy a vehicle before the new Administration's possible policy changes.
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EV sales may experience some tailwinds, leading to robust activity through the end of the year.
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As the number of new vehicles increases and incentives rise, the auto industry is seeing the highest days’ supply in two years.
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Sales trends may have been affected by business disruptions early in October caused by hurricanes Helene and Milton coming back-to-back.
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But used EV sales demonstrated slower, steady growth, remaining a small part of the market.
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A cyber breach at a widely used dealer management system heavily affected the automotive industry, slowing sales and reporting in the second half of June.
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Q2 new electric vehicle sales are up 11% from EV sales in Q2 2023 due mostly to improved availability, higher discounts, and elevated levels of leasing.
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Sales conversion is running several points above the previous three years, including 2021, indicating that buyer demand is relatively strong despite all the uncertainty in the market.
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