ATLANTA, Dec. 19, 2022 – With the start of the New Year just weeks away, the Cox Automotive Industry Insights team offers its expectations for the U.S. automotive market in 2023. By nearly all measures, 2022 was a difficult year for both the industry and the consumer, marked by historically low new-vehicle inventories, high prices, … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 1.6% from November in the first 15 days of December. The mid-month Manheim Used Vehicle Value Index rose to 202.6, down 14.2% from the full month of December 2021. The non-adjusted price change in the first half of December was a decline of … Continued
Inflation declined in November, according to the Consumer Price Index, but prices remain high. Still worried about inflation, the Fed remains hawkish about pushing rates higher early in 2023 after increasing rates by 50 basis points last week following four straight 75-BPs increases. Auto loan performance deteriorated further in November. The default rate in November … Continued
Revised, Jan. 13, 2023 – Used-vehicle asking prices fell again through the month of November to their lowest average since last spring as inventory stabilized and sales fell, according to the Cox Automotive analysis of vAuto Available Inventory data. 2.33M Total UnsoldUsed Vehiclesas of Nov. 28, 2022 54 Days’ Supply $27,156 Average Listing Price 69,916 … Continued
New-vehicle affordability declined again in November as auto loan rates reached another 20-year high, and the average new-vehicle price increased and set a record, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. The number of median weeks of income needed to purchase the average new vehicle in November increased to 43.3 weeks from 42.8 … Continued
As expected, the Fed raised the target for the Federal Funds Rate by half a percentage point today, which was a smaller increase than the four straight jumbo increases that preceded the latest move. The Fed’s biggest news was that the terminal rate, meaning the ultimate peak in rates for this tightening cycle, will be … Continued
Revised, Jan. 12, 2023 – New-vehicle inventory volume continued to climb through November as production increased and sales slowed, according to Cox Automotive’s analysis of vAuto Available Inventory data. Unfortunately for shoppers, prices climbed in November as well. “Timing is everything,” said Charlie Chesbrough, Cox Automotive’s senior economist. “Production is finally ramping up after being … Continued
Certified pre-owned (CPO) sales in November fell 4.4%, just over 9,000 units, from October to finish at 198,313. However, this total is up more than 17,000 units from November 2021. Year to date, CPO sales are down over 318,000 units, or 12.4%, compared to the same time last year. Cox Automotive expects CPO sales to … Continued
ATLANTA, Dec. 12, 2022 – New-vehicle inventory levels are improving, but prices remain elevated. According to data released today by Kelley Blue Book, a Cox Automotive company, the average transaction price (ATP) for a new vehicle in the United States in November 2022 hit a record high of $48,681. November prices rose 0.9% ($422) month … Continued
Consumer credit growth accelerated in October as revolving credit increased but non-revolving credit declined. Auto loan credit access tightened sharply in November across all channels and across all lender types as every factor moved against consumers. Used-vehicle sales likely declined in November, and wholesale used-vehicle prices declined again. The Manheim Used Vehicle Value Index is … Continued
