US New Vehicle Sales Rise 12%
January 3, 2024 5:45PM CST
Logos are shown on the exterior of a 2024 Honda CR-V Hybrid in Sunnyvale, Calif., Monday, Dec. 11, 2023. Like many hybrid buyers, Shilander Singh, an Uber driver, said that for him, the gas savings helped tip the price equation in favor of a Honda CR-V hybrid over the corresponding gasoline model.(AP Photo/Jeff Chiu)
DETROIT (AP) — American consumers bought 15.6 million new vehicles last year.
The numbers indicate car buyers were undeterred by high prices, rising interest rates, autoworker strikes and a computer-chip shortage that slowed assembly lines.
The tally is 12% more than in 2022, and the biggest increase in more than a decade. Y
et sales still haven’t returned to the 17 million rate in the years before the pandemic, and there are signs of a cooling market as supplies grow on dealer lots and prices start to fall.
Average auto sales prices peaked in December of 2022 just over $47,300.
Data from J.D. Power show that average prices in mid-December were down 2.7% from the peak to around $46,000.
Analysts expect more discounts through the year.
