U.S. auto sales are playing their own version of March Madness
may be hoping the new season brings some new life to their sales. Nissan sales were down 7.2% in March and are off 12% for the year so far.not only saw its sales increase last month by 4.3%, but proved passenger cars aren’t completely dead yet reporting a 5% boost in sales for its Accord, a 3.3% bump in Civic sales--a March record and an overall 5.3% in total passenger car sales.
The fact remains, however, among the key reasons new vehicle sales seem to have hit a skid pad so far this year is that they simply cost too much. Kelley Blue Book report the average transaction price for a new vehicle in March increased 2% year-over-year to $36,733, which translates to about a $30 bump up in average monthly payments.Ed Garsten
“The pool of people who can afford to buy a new vehicle is being reduced by higher prices and affordability concerns, and we’re likely seeing signs of that in the sales numbers,” said Jonathan Smoke, Chief Economist at Cox Automotive in emailed comments. “So far this year, average new vehicle loan payments are up 3.5% compared to last year, to $567, and average lease payments are up 2.8% to $500.
Analysts have noted in the past new vehicle sales in the second half of the year generally improve, but given the affordability issues exacerbated by concerns over additional import tariffs and smaller federal income tax refunds due to revised laws, there’s little expectation 2019 will feature aI’ve been covering the auto industry since 1989, first as CNN Detroit Bureau Chief, then as the National Auto Writer for the Associated Press, General Motors beat writer...
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