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Americans purchased a few more new vehicles in the second quarter of the year | Latest Updates on News, Sports, Employment opportunities

Recent Trends in U.S. New-Vehicle Sales: Analysis and Forecast for Second Quarter 2024

U.S. new-vehicle sales show a slight increase in the second quarter, despite discounts and lower prices. Analysts predict further price drops and potential interest rate cuts in the near future, which could boost sales. Inventories are building up on dealer lots, especially for pickup trucks and higher-priced vehicles, leading to varying discounts based on demand. Toyota, Honda, and Subaru saw sales increases, while Stellantis, Nissan, and Kia reported declines. The market is at an inflection point where automakers must offer more attractive pricing to meet consumer demand for affordable vehicles. Average selling prices have dropped slightly from their peak in late 2022, but still remain higher than pre-pandemic levels. Electric vehicle and gas-electric hybrid sales are on the rise, with lease deals and federal tax credits driving the growth. Stay tuned for Ford’s sales numbers release on Wednesday to see how the industry continues to evolve.

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