Automobile Sales

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Commonly Asked Questions about Automobile Sales

Are auto sales falling?

The auto data and research firm expects sales growth to slow in the next six months to 15.7 million units, roughly a 1.3% increase from 2023.

What is the forecast for new car sales in 2024?

SP Global Mobility projects calendar year 2024 new vehicle sales volume to docHub approximately 16.0 million units, growth of over 2%, or an incremental 374,000 units, from the 2023 level.

Are used car prices going up or down in 2024?

Retail used car prices are falling in 2024 Hybrid and EV prices remain elevated above the overall market, but the gap is narrowing. The average transaction price for an electric vehicle is now 16.7% higher than the overall market. Thats less than the 20% premium for EVs we saw early in 2023.

Are auto sales down in 2024?

With expectations of uncertainty in the second half of 2024, Cox Automotive is holding its full-year new-vehicle sales forecast steady at 15.7 million, a gain of 1.3% from 2023, when sales finished at 15.5 million. This increase is aligned with the slow growth expected in 2024.

Which company is best to sell my car to?

Cars.com is our top pick for the best place to sell your car online you can sell directly to the site or list your vehicle on a private-sale marketplace. Carmax offers the best prices for used vehicles when selling a car online. CarBrain is our top recommendation for selling an old or damaged car online.

What month are most cars sold?

The automotive industry has some definite seasonal trends, with peak demand occurring in the spring and fall, and lowest sales in January, February, and into the beginning of March.

Are auto sales declining in 2024?

Cox Automotive expects U.S. sales growth to slow during the second half of the year to end 2024 at 15.7 million units, roughly a 1.3% increase compared to 2023.

What is the outlook for the auto industry in 2024?

In 2024, the used-vehicle market is expected to grow by less than 1%. The total number of used vehicles sold is expected to docHub 36.2 million, with 19.2 million vehicles sold via retail channels. Certified pre-owned (CPO) sales are expected to docHub 2.7 million units, up 3% from 2023.