Edmunds forecasts that more than 4 million new cars and trucks will be sold in the U.S. in Q2 2023.
A new J.D. Power study shows customer satisfaction with buying vehicles is down for the first time in a decade.
This is the fifth month in a row that the total came in at less than 14 million.
Vehicle inventory shortages constrain August sales pace as average transaction prices reach all-time high.
Sales haven’t been this low since the recovery from the Great Recession of 2008-2010.
Economic conditions, rising interest rates will cause some buyers to defer new-vehicle purchases in August, says J.D. Power.
Total new-vehicle sales for June 2022, including retail and non-retail transactions, are projected to reach 1,133,000 units.
More than 70% of drivers will pay more for cars with top safety features, according to a survey from Rocket Auto.
In March 2022, auto and light truck sales dropped to a seasonally adjusted annual rate of 13.3 million.
Light-vehicle sales have been held back by limited inventory caused primarily by the ongoing microchip shortage.
Consumer appetite for new vehicles continues to run high, which will serve to build up deferred demand next year and beyond, says Edmunds.
Analysts forecast a SAAR of 12.3M in September as inventory shortages continue to squeeze the industry.