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The number of unsold new cars and light trucks at U.S. dealerships reached nearly 3.8 million at the start of August, a 71-day supply.
The average interest rate for a new-vehicle loan dropped for the third month in a row in July, hitting its lowest level of 2019, according to Edmunds.
Improvements in infotainment systems and increased availability of advanced driver assistance systems are making customers increasingly satisfied with their new vehicles, according to the J.D. Power 2019 Automotive Performance, Execution and Layout Study.
The average transaction price for a light vehicle in the U.S. in June was $37,285.
New-vehicle prices are currently at record highs and the high prices are shifting sales away from new-vehicles and toward certified pre-owned vehicles.
The website iSeeCars compiled a list of top 10 vehicles with the highest rate of entering the used market one year after being purchased as new. Of those top 10, eight were luxury vehicles.
Average monthly payments for new-vehicle purchases ($530), new-vehicle leases ($430), and used vehicles ($381) all reached new highs, growing by 4% to 6% year-over-year. Auto loans now account for a full 8% of all outstanding consumer debt — up from 6% just a decade ago.
The vehicles with the largest increased monthly payment were the Nissan Sentra, Toyota Corolla, and Nissan Altima, which were 22.91%, 16.36%, and 15.13%, respectively.
Utility vehicles and pickups played a large part in driving up the average transaction price for a new vehicle to $35,635 in May, a 3.4% increase over the same time last year, according to Kelley Blue Book.
The loan amount for a new vehicle in the first quarter of 2018 was $31,445, $921 higher than the same period in 2017. In the used segment, the average loan amount for a vehicle was $19,536, $410 higher compared to the year-ago period.