July 20th, 2024

US new-vehicle sales barely rose in the second quarter as buyers balked at still-high prices

By Tom Krisher, The Associated Press on July 2, 2024.

DETROIT (AP) – U.S. new-vehicle sales rose only slightly in the second quarter, despite larger discounts and slightly lower prices.

Industry analysts say they expect prices to drop further, and suggest buyers consider waiting for better deals and possibly an interest-rate cut.

Overall, U.S. sales were up only 0.1% compared to a year ago, as still-high prices kept many potential buyers out of the market, according to preliminary tallies Tuesday by Motorintelligence.com.

Sales were crimped in late June, when cyberattacks knocked out software from CDK Global that dealerships use to do sales paperwork. CDK said most dealers were back up by Tuesday afternoon, but companies such as General Motors said the problem pushed some deliveries into the third quarter.

Analysts say inventories on dealer lots is building, especially for pickup trucks and other higher-priced vehicles.

Discounts vary by demand for vehicles, with smaller, less-expensive models and gas-electric hybrids generally being in shorter supply. Many customers are delaying purchases, figuring that bigger discounts are coming.

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