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The Cox Automotive Insights team looks at key industry trends ahead that overall point to a healthy year.
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Analysis: A big drop of 20% to 30%, as one report suggests, is highly unlikely. History tells us a decline of more than 10% is rare indeed.
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The average price paid for a new non-luxury vehicle in December 2021 was $43,072, slightly down from the record high set in November but still $900+ over sticker.
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With record-high prices, low incentives, and a higher interest rate, the estimated typical monthly payment increased to a new record high at $687, which was up 20.7% year over year.
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A larger mix of SUVs and pickups helped drive up prices in November, but November was also the sixth straight month of sales volume declines.
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New-vehicle inventory levels are still 63% lower than a year ago while the average transaction price hit another record.
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Phil Nothard of Cox Automotive International joins Global Fleet Management Voices to discuss how the raw materials shortage is impacting the UK fleet market, positive impacts of decreasing new car sales, and the issue of remarketing vehicles now.
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MSRP for Kia's new Rio and Rio 5-Door start at $16,150 for the LX and $16,790 for the S trim level.
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Double whammy: New-vehicle inventory falls below 1 million units in September while the average new vehicle price tops $45,000 for the first time.
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The lack of new-vehicle inventory is steering many dealers and consumers into the used-vehicle market, resulting in higher prices for both wholesale and retail used vehicles.
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