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Car Sales Are Down Almost 20%, but Prices Are Setting Records
Keywords: U.S. Car Sales 2020,
During the coronavirus the market is pushing some buyers out of the market while other buyers are willing to pay higher prices. Limited stock, cheap financing, and low fuel prices are pushing buyers into more expensive models with higher prices. The average new vehicle sold in August in the U.S. was at $35,420 according to J.D. Power. The auto market is following the housing market in this sense where limited supply is pushing up prices. Auto sales declined by 20% in August. Younger buyers are being priced out of the new vehicle market and auto makers are focusing on higher margin vehicles.
Rising prices for homes and cars during the pandemic
09/09/2020
With a limited supply of homes and lost car production, the remaining supply is being sold at higher prices to people who have not lost jobs during the pandemic. The cars are more upscale and the homes are further away from the core parts of cities.
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Car Sales Are Down Almost 20%, but Prices Are Setting Records
WSJ 09/04/2020
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