US new vehicle sales rose 2.7% last year, driven by easing interest rates and a slight decrease in prices. The average sales price of $47,000 was still 27% above the 2019 level. Electric vehicles (EVs) saw significant growth, with sales increasing 8.8% to nearly 1.3 million. Gas-electric hybrids also gained popularity, with over 1.6 million sold, a 36% increase from last year.
Industry leaders, including General Motors and Toyota, posted strong sales performances, with GM rising to the top spot for the first time since 2019. Honda and Ford followed closely behind, while Stellantis and Hyundai struggled due to high-priced models on their dealer lots.
Analysts expect discounts to improve further in 2025, with the biggest deals available at dealerships representing automakers that had trouble selling last year. With interest rates expected to drop again, monthly payments are likely to decrease, making vehicles more affordable. However, buyers may need to wait a few months to take advantage of better deals, as inventory levels remain high.
“Farther out there’s the potential for better things to come,” said Ivan Drury, director of insights for Edmunds.com. “If you’ve got six months or more, then just wait it out.”
Source: https://apnews.com/article/auto-sales-us-increase-deals-c686d72dfbeddfd136bfe03f5f0d587a