3/31/2024 0 Comments Mme effect over modelIncentive spending will be down about 6%, or nearly $2,000, according to the monthly forecast. There's no need to incentivize a car purchase with all the pent-up demand following the pandemic, especially with inventory squeezed by the ongoing chip shortage. Vehicle prices, on average, are expected to be 15% higher than in June 2020, mostly due to automakers pulling back on incentives. The ATP is up by $1,667 from May of this year, the previous record by this measure. Power's June forecast showed the expected average transaction price will increase to the $40,000-plus figure, which will be a new record. So for the average new car sold in June of 2021 to cost $40,206 is - frankly - ridiculous. Power is remarkable because December auto sales often show inflated dollar figures simply due to increased luxury vehicle purchases: Lexus' "December to Remember" and all that jazz. You may recall we reported on the average new car price crossing the $40,000 mark back in December 2020. Americans are ready to get spendy with new cars.
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