Industry analysts predict a 2.5% or less increase in new vehicle sales for 2024, reaching their highest level since 2019. The growth is attributed to factors like normalizing vehicle inventories, automaker incentives, and easing financing rates.
S&P Global, Edmunds and Cox Automotive expect new auto sales to increase year-over-year by 2.5% or less to achieve the industry's best results since 2019.
DETROIT — U.S. new vehicle sales are expected to rise next year to their highest level since 2019, led by lower interest rates and improving affordability, according to industry analysts.Cox Automotive expects new light-duty vehicle sales to hit 16.3 million in 2025, slightly higher than forecasts by S&P Global Mobility and Edmunds of roughly 16.2 million sales next year. Such sales would be up from expectations of 15.
Another expected growth area remains electrified vehicles, including hybrids, plug-in hybrid and all-electric models, according to analysts. Valdez Streaty and others cautioned EV sales could be weaker if there's an end to federal consumer credits for purchasing the vehicles of up to $7,500, which the Trump administration hasCox Automotive chief economist Jonathan Smoke said tariffs on those countries, which Trump has said could be 25%, would be"a radical disruption" to the U.S. new vehicle market.U.S. President-elect Donald Trump delivers remarks at Mar-a-Lago in Palm Beach, Florida, U.S., December 16, 2024.
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