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CAR 2023: What happens when you put four remarketing economists and analysts in one room? Lots of data, predictions, trends, and uncertainty.
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While inventory is up from 2022 levels, it remains low by historical standards. Meanwhile, the estimated typical monthly payment for a new vehicle declined to $754 from the peak of $791 in Dec. 2022.
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The average price for a new vehicle in March fell below sticker for the first time in 20 months, according to KBB.
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Average transaction prices are still $310 over average MSRP, though that’s down from the $900 above sticker for January 2022, according to Kelley Blue Book.
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As more electric vehicle models enter the market and Tesla loses momentum, automakers compete for market share.
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Average transaction prices (ATP) have been above the average manufacturer’s suggested retail price (MSRP) for more than a year.
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Days’ supply by end of November was 77% higher than at the same time a year ago and the highest since March 2021. While inventory is up from recent levels, it remains low by historical standards.
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The luxury vehicle share sold increased to above 18% of total sales, lifting overall industry ATP, while non-luxury vehicle buyers on average paid more than $500 above sticker price.
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Days’ supply climbed to 49, the highest since May 2021. The question now is: Will demand keep up with supply?
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Higher rates are already shifting access to vehicles and financing towards wealthier consumers as overall affordability declines.
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