The total U.S. supply of available unsold new vehicles opened May at 51% above a year ago, but volume is still down 26% from 2019 levels.
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The share of new-vehicle sales from luxury brands drove up average transaction prices, when combined with fewer discounts and incentives, caused new vehicle affordability to fall.
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Domestic brands continue to have the highest inventory while Asian imports rank lowest.
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With new-vehicle inventory rising in the U.S., downward price pressure and higher incentives appear to be key drivers of the market’s momentum.
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Inventory levels reach the highest point since June 2020 while the number of buyers who can afford a new vehicle is the best since June 2021.
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Tesla price cuts that shook up the market and challenged the profitability picture for all automakers.
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Sales incentives were up 136% year over year in November, indicating the new-vehicle market is shifting to a buyer’s market, not a seller’s market.
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Analysis: Slowing EV adoption, an expensive UAW labor contract, and higher consumer interest rates will diminish the profits and gains of recent years.
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The average listing price of a vehicle remained above $47,000 since April, while the ATP of a new vehicle in July was $48,334 compared with $48,671 in June.
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The market is riding upward trends in inventory and sales, although average prices have dropped in the quarter after three straight quarters of increase.
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